The BRRR method is very straightforward and something many investors use to grow their Real Estate portfolios efficiently and effectively. So, lets jump into it!
B - Buy
Buy your first property. Get pre approved for as little down as possible and purchase a property that needs some work. You'll want to save your cash for the next step and probably add a bit of sweat equity too.
R - Rehab/ Renovate
Time to fix it up. Make it modern, neutral, whatever the market is thriving on in this desired area. Don't over upgrade the property to the point where you are losing money on it.
R - Rent
Rent it out for top dollar. Now that you have an updated property, this shouldn't be too hard to do.
R - Refinance
Once the property is cash flowing- and interest rates are hopefully not any higher than when you purchased you'll want to refinance and pull cash out to put into the next property as your down payment and for your rehab budget.
R - Repeat
Do it over and over again.
This is a very simplified explanation of this method, but if you want to learn more about how you can get started then give me a call.
