Steps to a Successful BRRRR

[Kaydn Jensen]

Hey BP, I wanted to reach out and pick the BP brain on the BRRRR strategy. I understand the basics (or at least I think I do). Buy an undervalued propert, rehab it, force some appreciation and then refinance for 75 to 80 % LTV after more or less a 6 month seasoning period. Here’s my question, for someone who doesn’t have a good eye for rehab costs or for someone who is investing out of state, how can I get a good idea of what I can expect in rehab costs? Do most people have a few contractors provide estimates before ever closing on the property or before even making an official offer? What I’m really wondering is how you can be sure the price you offer will be profitable until you can understand the scope of work needed and be able to put that into the overall calculation? I would appreciate tips on this and understanding the step by step process to a successful BRRRR! Thanks BP!