how did you start BRRRR?

Question

Hello all, hope y’all are great. I wanted to know how you started Doing the BRRRR method. Did you start with your own money or did you not use your own money like I’ve read many times. If the second one how did you not use your own money? Loans from banks I’m guessing ? Please I would appreciate any reply thank you!

Dan Portka · Answer

@Leonardo Hernandez I started with a HELOC on my primary residence. Best method to finance BRRRRs if you have equity in my opinion.

Andrew Postell · Answer

@Leonardo Hernandez I started on $30,000 properties so lenders were completely out for me.  I started with my own funds and private money.  I also started small because I thought if I made a mistake it would be smaller.  This was way before Bigger Pockets or anything like that so I was learning on my own.  You can certainly get connected with some real estate groups in your area to network on how others are doing it in your market though.  Keep searching and you'll find a way to get started.

Gregory Perrine · Answer

Hey Leonardo,

I’m also new to real estate investing. We are looking at a property now to begin a BRRRR and we will be using cash from a private source (family member). We can therefore bypass a lot of the high interest and contingencies with a hard money lender and they are willing to work with us if our timing doesn’t exactly work out, such as having only one year or 6 months from purchase to refinance. Not everyone has access to family members for that, so our situation may be unique. If you have other questions let me know. Good luck!

Leonardo Hernandez · Answer

@Dan Portka thank you for replying ! I will look into this option.

Leonardo Hernandez · Answer

@Andrew Postell sounds good I’ll try and connect with people around me! Thank you again!

Leonardo Hernandez · Answer

@Gregory Perrine thank you for your feedback! Good luck to you as well

how did you start BRRRR?

Most Popular Reply