The “Buy, Rehab, Rent, Refinance, Repeat” (BRRRR) Method Made Simple | BP Podcast 327

  Рет қаралды 990,951

BiggerPockets

BiggerPockets

Күн бұрын

Пікірлер: 1 100
@ScottWalshWoodworking
@ScottWalshWoodworking 5 жыл бұрын
As someone who's worked in audio for years, I figured I'd just throw this out there in case you hadn't thought of this before: The majority of the condenser mics like the ones you guys are using are 'side address', meaning you speak into the side of the mic, not the top of the mic like a typical dynamic mic. To confirm, just look into the grill, you should be speaking perpendicular to the capsule (looks like a gold disc). There are some exceptions to this trend. Great Podcast.
@victorgenao2936
@victorgenao2936 5 жыл бұрын
Thank you! First thing i noticed. Ive heard built in camera mics more decent than this so its kinda annoying but good content overall
@conorm2524
@conorm2524 5 жыл бұрын
This audio sounds like it's coming through AM radio. They look like decent mics, where did they pull the audio from?
@WooaWooters
@WooaWooters 4 жыл бұрын
Thanks for that man, I know nothing of mics like this and I've been looking at getting something like one of these
@edcarrington
@edcarrington 5 жыл бұрын
I was today years old when I became a lifelong fan of David Greene... David is dropping MAJOR gems in the podcast
@WhiteBoardFinance
@WhiteBoardFinance 5 жыл бұрын
David Greene = American Dream 👍
@lourdesmartinez3869
@lourdesmartinez3869 4 жыл бұрын
OMG Marco,I'm a fan of your channel too.. I must be on the right road 😁🤗
@jayandjulied2299
@jayandjulied2299 3 жыл бұрын
@@lourdesmartinez3869 ppppppll
@AdityaKumarSoma
@AdityaKumarSoma 4 жыл бұрын
Thanks Brandon: BRRRR is the game changer I have done 5 BRRRR's so far working on BRRRRING 17unit building now. this wouldn't be possible without bigger pockets🙏🙏
@klausspi8137
@klausspi8137 2 жыл бұрын
Hello aditya…karan would like to get more insights on this if you have some time?
@whatsindoon2661
@whatsindoon2661 2 жыл бұрын
Haha and thank you Aditya for teaching BRRRR to me, I can’t thank you how much motivation I get from you and your video. I want to appreciate you here too. Thank you 😊
@ewlinitis
@ewlinitis 2 жыл бұрын
When you Refinance, what do you use ? HELOC ?
@dcshewrn
@dcshewrn 5 жыл бұрын
Just bought the Kindle book! Have about 50K, can't wait to get started on a small scale. I'm Dave Ramsey brainwashed so feeling a little nervous LOL, but at my age I don't have years to get it done.
@dcshewrn
@dcshewrn 5 жыл бұрын
well hells bells, I bought from Amazon rt before you said you sell it
@dcshewrn
@dcshewrn 5 жыл бұрын
I checked the links 1st, there was nothing on David's book, so I naturally went to Amazon :(
@elperrocovero
@elperrocovero 5 жыл бұрын
Hi.Did you buy anuthing yet?
@adolpholiverbush5867
@adolpholiverbush5867 4 жыл бұрын
Dave Ramsey is smart, if you have 200 years to grow your wealth or make mad income. For the normal person buying houses in full will take a decade a pop.
@GWUJO
@GWUJO 4 жыл бұрын
MotorcityGal dron
@kiarathebabyrottweiler4279
@kiarathebabyrottweiler4279 4 жыл бұрын
Wow, David Greene is awesome. He really knows his stuff and confidently responded to every question Brandon threw at him! Impressive. Needless to say I'm going to be reading his books.
@breathuvfreshair76
@breathuvfreshair76 5 жыл бұрын
Thanks Brandon and David for once again providing awesome content! You guys are doing a great job of carrying the Josh Dorkin Bigger Pockets baton and are a great mix of knowledge, humor and charisma. Awesome video full of gold nuggets. 58:18 (quick summary of the key benefits for each step of the BRRRR process) and 58:40 (David summarizing his systems flow) are two of my favorite parts of the video for their simple, yet effective messages. Keep up the great work!
@robertbush8777
@robertbush8777 2 жыл бұрын
This is a fantastic idea. And I’ve use the brrr to buy my first for rental properties and I didn’t even know I was doing a brrr. The only thing is that when you are getting a home equity line of credit you are using your own money. Buying a house is like putting your money in the savings account. The home equity line of credit is pretty much putting a lien on that house to have access to that money. You still have to pay it back. With interest. No I definitely agree as long as you’re buying a property and getting the deal that you need on it and you’re renovating it within your budget. As long as the percent you’re getting back yearly has much greater than the percent of the loan then you’re making out and a pays for itself.! Looking forward to watching more of your videos.
@cypressprowash2424
@cypressprowash2424 2 жыл бұрын
How much cash out of pocket did you need to buy it?
@fl3082
@fl3082 4 жыл бұрын
What he is explaining around the 1-hour mark is Monopoly; "buy four little green houses and then trade them in on one big red hotel". Which is exactly how Rich Dad taught Robert Kiyosaki.
@fixingstufff
@fixingstufff 3 жыл бұрын
And by trading ... is to get a blanket loan .
@lucrtrvl
@lucrtrvl 2 жыл бұрын
Exchange 1031!
@brandongrennan7602
@brandongrennan7602 2 жыл бұрын
The way David broke down that BRRRR deal with the property that appraised for 105K was fire!!!! Broke it down Barney style quickly and concise.
@curtisj24
@curtisj24 5 жыл бұрын
Fixed up from the Bricks up!
@rdot980
@rdot980 5 жыл бұрын
Ha!!
@SethWilcock
@SethWilcock 3 жыл бұрын
This video changed my life. Thank you guys. Also - David, if you ever want a free snowboarding lesson and in you're in Colorado, hit me up. You'll master it by the end of the day. Guaranteed.
@iBuyAnyCom
@iBuyAnyCom 5 жыл бұрын
Black belt investor: definition. master of real estate investing. Good analogy.
@carlairons3573
@carlairons3573 3 жыл бұрын
I didn’t know you were a LEO. I’m an officer in Jupiter, Florida and retiring in 10 months. I love listening to your podcast and KZbin videos. I too want to build a successful real estate portfolio.
@kirthiroberts645
@kirthiroberts645 5 жыл бұрын
Thanks Brandon and David for another exciting podcast. David I ordered your new book on BRRRR and was waiting patiently until today to receive it into my Kindle. I am already part way into Chapter 1 and looking forward to reading it and then implementing the strategy with my next investment. Cheers!
@chasitysmith6509
@chasitysmith6509 Жыл бұрын
Is there a checklist of the questions that your property manager's admin assistant has? That would be a great resource!
@veronicavelasco8456
@veronicavelasco8456 2 жыл бұрын
love this video, I bought all the books including BRRRR book. I'm very excited, thank you both for the great information. Blessings!
@Marie34694
@Marie34694 3 жыл бұрын
“Tore up from the floor up” has been used by the Urban youth since the 80’s, as many other amazing creations.
@abdullahshaykh
@abdullahshaykh 2 жыл бұрын
I want to start a real estate portfolio and recently came across bigger pockets whilst doing my research. I am compelled to compliment you guys on how well you explain each and every thing and identify pitfalls so others don't fall in them. Ended up saving so many more of your videos in my offline playlist. Thank you. Wish me luck for the future.
@cglendenning
@cglendenning 2 жыл бұрын
David and Brandon, you guys are so awesome. Each of you have the heart of a teacher...people have really good B.S. detectors, and your authenticity of your enthusiasm shines through. There is a really cool theme with these Acronyms. BRRRR & FEEL both align well with the "OODA Loop" - Observe, Orient, Decide, Act. I believe the OODA origin is from the U.S. Air Force but generally, the idea is to focus on the process. You "Fail Forward Fast" by working in this tight loop of activity. I love it!
@NineyOne
@NineyOne 3 жыл бұрын
where can we find an Excel spreadsheet with the BRRR calculations? that would really help.
@dpimprovements9905
@dpimprovements9905 2 жыл бұрын
I haven't hand written this many notes since I have been out of school 😂 I've paused and played back idk how many times and I still have 25 min. to go! You guys have much respect from me and thank you.
@leipzigescobar4085
@leipzigescobar4085 5 жыл бұрын
BiggerPockets is an amazing educational, down to earth channel. I was tempted to write 1 millions comments every time the gentlemen touched on a subject, instead I decided to take notes😉. My partner and I have been doing rentals going to 7 yrs and seriously looking into flipping ( well we are upgrading to BRRRR investing). Thank you guys!!🎆🎉
@PennsylvaniaHomesforSale
@PennsylvaniaHomesforSale 5 жыл бұрын
How did you do and or finance your 1st 7 deals?.. we just did our 1st rental looking to do a 2nd rental
@alfonsoh3
@alfonsoh3 5 жыл бұрын
Leipzig Escobar have you tried this method yet? I have one rental and purchased it at a GREAT price. I just fixed it up nice and now went up on my rent. I was thinking of flipping it but I love the residual income this rent property gives me.
@alfonsoh3
@alfonsoh3 5 жыл бұрын
B Muss how’s it going, did you get your 2nd rental yet?
@PennsylvaniaHomesforSale
@PennsylvaniaHomesforSale 5 жыл бұрын
@@alfonsoh3 hey bro I'm still patiently waiting for my 2nd rental deal. I'm deciding weather to buy a really cheap house cash and then heloc it or, I might put 5% down on a conventional loan if I can find the right multifamily unit cash flowing
@PennsylvaniaHomesforSale
@PennsylvaniaHomesforSale 5 жыл бұрын
Any update from you?
@johnnymata523
@johnnymata523 5 жыл бұрын
You guys have any videos were you guys educate on the financial side of brrrr ? Like how to work with the banks and what do they look at how much money you need to have or if they have any guidelines to qualify to refinance a brrrr project. Thank you
@Keephopealive2013
@Keephopealive2013 5 жыл бұрын
Wealth of knowledge. So freely given. Thank you
@zerohero6602
@zerohero6602 4 жыл бұрын
Ndubuisi Egwim yeah man it’s crazy how much you can learn from watching KZbin
@CarlosPerez-ut5ze
@CarlosPerez-ut5ze 4 жыл бұрын
@@zerohero6602 not every youtuber gives this much free GREAT knowledge
@happygrass5
@happygrass5 3 жыл бұрын
And it's actual functional information instead of motivational garbage
@dougal722
@dougal722 2 жыл бұрын
Brandon I just want to point out The advice you gave on putting laminate floor instad of carpet.On average laminate flooring cost about $1,000 per standard 10x15 roomjust for the flooring alone ,no installation cost included.Your average carpeted room at the same sizewith installation is around 5 to 600 if you use Berber carpeting that isn't mono colored.The laminate flooring Unless covered with a rug is susceptible to cracking breaking splintering shreddingand shedding because of the nature of the click lock installation and the thinness of the pieces where they overlay . dealing with this right now in a 10 bedroom house that's over 120 years old with extremely uneven sub-flooring and joist issues. A great suggestion for houses built within the last 20 years that have no sagging or structural issues. The new laminate and flooring Install was done last year with normal office/gamer chair wear and tear . Rolling back and forth causes significant cracking and splintering of those aforementioned areas. with deposits typically equaling first month's rent and that being a couple hundred dollars under the typical $1,000 replacement of the flooring itself It is actually a loss to put in laminate flooring that's just going to be damaged within a year or two when carpet lasts at least 5 years with proper cleaning and care assuming you rent to a clean person.
@jasonsschatzberg
@jasonsschatzberg 5 жыл бұрын
These guys are really good in explaining.
@garciavashchino1
@garciavashchino1 3 жыл бұрын
I feel like you guys should already own the planet... like how is this not already a thing? I want to get my first rental BRRRR, so more research is needed, but this is a good start.
@ArtistWizardry
@ArtistWizardry 5 жыл бұрын
Thank you for doing the audiobook for it too. Hard enough to get the Honey fully on board and hoping hearing from you will peak that interest.
@jerrodcowlishaw
@jerrodcowlishaw 2 жыл бұрын
“I’d rather eat Randy “ is fantastic 😂 I’d never heard of this song, and paused to listen and I was not disappointed
@richardjordau
@richardjordau 5 жыл бұрын
Just get started immediately next time. We really don't give a shit about anything but real estate and learning
@trojan7933
@trojan7933 3 жыл бұрын
David Greene is very smart and humble
@mikedrewrealtor1228
@mikedrewrealtor1228 5 жыл бұрын
Listened to the book twice already and it is very well written with a lot of great information! Thanks for the great podcast Brandon and Dave!
@TheWisendorf
@TheWisendorf 3 жыл бұрын
I have been listening for weeks about the different ways to buy,fixup,rent,or sale . Profits . Passive income the whole bit. For me it gets down to this. I am a senior citizen retired on a fixed income. Maybe we save 100 dollars a month if nothing breaks or falls apart. A real mess! But it is MY mess. And it is up to ME if to change that if I really want to go forward. I was so depressed over this but where there is a will there is a way. Face it folks to do any damn thing in this country you got to first get off your butt. I started searching and low and behold I found a dish washing job at Applebees . Pay is 18,000 a year. This will be additional income that I can save every bit of it. Not a hard job to do unless you feel washing dishes is beneath you. I started brain storming myself and guess what. I got stuff around the farm here that is only collecting dust. An old tractor with front loader. And several pieces of equipment collecting rust etc. etc. It will take a while but in the mean time I can still keep educating myself.. This is a wonderful country folks.
@lovelylanibk
@lovelylanibk 4 жыл бұрын
Best podcast I’ve listened to without the hype just straight information 👏🏾👏🏾👏🏾👏🏾👏🏾
@tonymartinez5946
@tonymartinez5946 5 жыл бұрын
David and Brandon... excellent Video! I often frown when I see 1 hour plus but this is tome very well spent! It was like a good book. I’m at min 1:04, ran a couple errands, doing busy work at home (😒 Laundry) and I’m totally bummed because I realized I’m almost done with this one. Glad I chose to listen to the whole interview. I replayed several parts as I’m slightly distracted. Good Stuff gentleman! Ordering your book tonight.
@max.1q84
@max.1q84 4 жыл бұрын
9:30 How Brandon discovered BRRRR 11:28 Benefits of BRRRR
@johnskyleir
@johnskyleir 2 жыл бұрын
I LISTENED TO YOU GUYS AND 80'S DISCO CRYSTAL BALL APPEARED , LIGHTS AND LET'S DANCE .... DAMN INFORMATIVE. THIS VIDEO IS A SIGNIFICANT EDUCATION THANK YOU.
@springisthenewyear
@springisthenewyear 5 жыл бұрын
Thank you so much for sharing this information. I just bought David’s BRRRR book and Brandon’s REI book. Excited to finally get this started.
@spaceshipmoon69
@spaceshipmoon69 3 жыл бұрын
Truly superb content on just the career change i'm making! Thanks!
@BrianHKiely
@BrianHKiely 3 жыл бұрын
Thanks for the great episode! I’ve been listening to the audio book on my daily dog walks and drives. Great info. I will absolutely get into my first deals this year. 3+ in 2022!!
@beatnickclassics
@beatnickclassics 4 жыл бұрын
We bought the book package.. We are going to start in Jacksonville fl... Could use some pointers if you can look into that area... You guys are the best.. This process is changing our life...
@lindseynoble1
@lindseynoble1 5 жыл бұрын
I nearly peed myself when he said, "God is great, god is good, let us thank him for this Randy."
@Logan-limitless
@Logan-limitless 3 жыл бұрын
If I haven't mentioned it before, Brandon Turner and David Greene, you guys are awesome
@ricardorivera7208
@ricardorivera7208 5 жыл бұрын
David Greene got me taking notes. Looking forward to read bigger pockets library.
@nursereesey2495
@nursereesey2495 3 жыл бұрын
I just bought this book. We have 2 properties right now. The second property was a cash buy and we want to use the Brrrr method to upscale so we can gain financial freedom faster.
@vaughanmoody
@vaughanmoody 5 жыл бұрын
I’m halfway through listening to this on the podcast and am loving it. Thanks Brandon & David!
@SDFlagg
@SDFlagg 3 жыл бұрын
Hey Brandon love your FEEL approach. With respect I added two more words based on you’re explanation of the concept. F.E.E.L.E.R Focus Educate Execute Learn Evaluate Repeat
@dfigenscher
@dfigenscher 5 жыл бұрын
One thing I’m not seeing mentioned in any BRRRR content is the fact that there are fees associated with a refinance. These fees can be wrapped into the loan with most banks, however the balance still cannot exceed 70/75/80 percent of the ARV (whatever the bank offers). I think this is important to note because that’s either 5-8% in fees that either need to be paid out of pocket, or your “all in” figure has to compensate for these fees.
@onealr
@onealr 5 жыл бұрын
Do you have to take the full LTV amount? Let's say I only need to take out a LTV of 45% to repay lenders, because I'd rather have a smaller monthly mortgage for greater cash flow. Is that possible, or is it always the full LTV at cashout refi?
@aaronschultz7510
@aaronschultz7510 5 жыл бұрын
@@onealr any LTV is doable. But keep in mind the lower you go with the loan amount, (if under 100,000 or so. Your rate will go up. Lenders like larger loans, especially on a 30yr. Also if you did take out the full ltv, you could use the cash for a different property and maybe get two properties to brrrr. Or a larger more profitable property. Just some food for thought
@skyblue9991
@skyblue9991 4 жыл бұрын
@muttr He explains it in the first 8 mins of the podcast... Watch the podcast. 😑
@ThePatriots1993
@ThePatriots1993 4 жыл бұрын
@muttr After Repair Value; Loan To Value
@jaynorman7557
@jaynorman7557 4 жыл бұрын
Thank you! Great tip!!
@robchesley4591
@robchesley4591 Жыл бұрын
I'm just getting started, can you guys point me in the right direction as to who I can ask very basic real estate questions? Such as a home rental vs a plot of land with vacation cabins..does the land value typically increase as with a home? And do bank loans on assets work with land alone... basic dummy questions
@RERK8
@RERK8 4 жыл бұрын
As part of the International Association of Randy/i/ie/ee's, Julian Smith's video is disturbingly entertaining. You guys are hilarious!
@amacmazing
@amacmazing Жыл бұрын
You guys have great chemistry. So funny. Love the content thanks!
@davidgiles2426
@davidgiles2426 4 жыл бұрын
I’ve had 100% respect for you both. I’m a long time listener and this is my 3-4th time watching this. You’ve inspired me to BRRRR a house. I’m in the middle of rehab right now. All of the advice on here is amazing. However, I have to say, the “rather eat randy” recommendation was horrible. 😂 Would not recomend.
@shackletonfinance1767
@shackletonfinance1767 3 жыл бұрын
Good luck!
@mattwebster7852
@mattwebster7852 2 жыл бұрын
Update?
@leonelromero3296
@leonelromero3296 2 жыл бұрын
@david giles how’d it go ??
@robchesley4591
@robchesley4591 Жыл бұрын
Around 52:40, is the hypothetical appraisal you pay for is having an appraiser give you an appraisal based on the property as if the upgrades had been done correct?
@caseybonas3385
@caseybonas3385 5 жыл бұрын
This is how Ben Mallah built his empire. Also using 1031 filing to stay ahead of the IRS.
@dancabrera465
@dancabrera465 5 жыл бұрын
where is josh dorkin? do you know?
@rb7454
@rb7454 4 жыл бұрын
What is 1031?
@AlexChavez-il1hj
@AlexChavez-il1hj 4 жыл бұрын
@@rb7454 google it bro.. google is your bestfriend
@skyblue9991
@skyblue9991 4 жыл бұрын
Come back here every now and again to reset. So much great information in one podcast.
@jamesbarnes1847
@jamesbarnes1847 5 жыл бұрын
That “system” bit was pure gold. Are the “systems” you use in the book? Tips on setting up the systems and network?
@CarlosPerez-ut5ze
@CarlosPerez-ut5ze 4 жыл бұрын
Ofcourse
@acadam06
@acadam06 5 жыл бұрын
As an agent that specializes in working with investors I find myself on a very regular basis telling them to get on BP. This is a GREAT concept!
@justinb1606
@justinb1606 5 жыл бұрын
Im brrrr ing two deals right now. LOVE IT! This is my very first.... and guess second deal. Purchase and Rehab was 100% financed working on a refi now and expecting a few $k in my pocket. Oh yeah, and cash flows!!!
@3dinterview528
@3dinterview528 5 жыл бұрын
Justin B Did you use a hard money lender when you say “purchase and rehab was 100% financed”?
@justinb1606
@justinb1606 5 жыл бұрын
@@3dinterview528 yes, I used a hard money loan on each of them. I just refinanced this past Tuesday.
@goodlife3437
@goodlife3437 5 жыл бұрын
So Justin...I'm struggling to get started but gone DO THIS!...So let me ask did you find the properties yourself or did you use a realtor? I called a realtor that I knew, in fact the second one and they both just don't seem interested in those of us wanting to buy properties for fix and flip or buy and hold. I've found a property that I wanted to go check out but the first thing they both ask is do you have a pre-qual letter....help me out what am I missing...open for any tips...thank you
@justinb1606
@justinb1606 5 жыл бұрын
@@goodlife3437 In my opinion its very difficult to find great deals with realtors. And when you do the price is drivin up by the competition. I found my two rental properties by driving around. (Driving for dollars) I was looking for distressed homes in a good neighborhood. These homes never hit the market. I would also try and contact owners of rental properties sometimes you get lucky and find someone that's out of state and ready to call it quits. Or you find out that they passed away and the family will be inheriting a property they don't want. Its kinda how I pick these two up.
@goodlife3437
@goodlife3437 5 жыл бұрын
@@justinb1606 Thanks for your quick response Justin. I actually found a property that's listed gone try to offer 20% less of what they're asking since it's definitely gone need some work and see how that pans out. I noticed 2 properties on the next street over from it were rehabbed and currently asking 118K vs this property listed at 79K that I'm considering. Another question, where/how were you able to find your HM Lenders to do 100%? As you can tell I'm like new to this :-) I'm hoping to build a portfolio of 25 homes with a net CF of $200 per month over the next 3 yrs...not sure if that's too lofty or what. Thanks man for your feedback and response.
@davidyair67
@davidyair67 4 жыл бұрын
hey guys - here we are - june 2020 - the real estate market has not popped yet - but we are looking at another potential severe collapse. can you use brrrr with apartments now or should we wait until after the market corrects itself?
@SterlingWhiteRealEstate
@SterlingWhiteRealEstate 3 жыл бұрын
David's advice to lower capital expenditure, perform the rehab first before getting the appraisal. This pumps up the property's value and you can get more money back. A good advice for those looking to maximize profits. At 27:08.
@srutherford72502
@srutherford72502 4 жыл бұрын
So to BRRRR properly do you have to pay for the house 100% in cash and 100% pay cash for rehab? Can you do 20% down payment and 100% cash rehab. Then pull out your down payment and and rehab when you refinance.
@devonniegos625
@devonniegos625 5 жыл бұрын
This is one of my favorite BP podcasts thus far and I’ve probably seen 75% of them. David is brilliant! Thanks for all the great info. I’m BRRRR’ing my first duplex right now myself.
@shackletonfinance1767
@shackletonfinance1767 3 жыл бұрын
Congrats on your refinance. Best of luck on securing your next property!
@robertjaxon
@robertjaxon 5 жыл бұрын
If you are looking for one resource to learn how to do Real Estate investing this would be it. There’s also a book that goes along with it that has valuable bonuses. These guys are excellent teachers and fun to listen to.
@Jason_Amada
@Jason_Amada 4 жыл бұрын
My favorite new channel. Just discovered these guys.
@mikeynyc6857
@mikeynyc6857 4 жыл бұрын
After you buy it and fix it , how long do you have to wait before you appraise/refinance and pull your money back out ?
@flashpb04
@flashpb04 5 жыл бұрын
Oh dear lord this is the episode I’ve been waiting for. Can’t wait for the book!
@the_reel_uh_tour
@the_reel_uh_tour 5 жыл бұрын
I look forward to more books from Bigger Pockets. And a book on BRRRR would be fantastic to read.
@vcatdog832
@vcatdog832 5 жыл бұрын
Absolutely hands down the best episode of BP
@the_reel_uh_tour
@the_reel_uh_tour 5 жыл бұрын
@@vcatdog832 It is definitely a great episode! 😄
@REIJames
@REIJames 5 жыл бұрын
The BRRRR book is out and is good.
@beccasophiascott
@beccasophiascott Жыл бұрын
David is just insanely smart and inspiring! Thanks for all this great information. Can’t wait to be at the point of having too many single family homes and turning them into one big one!
@Jreddygo
@Jreddygo 4 жыл бұрын
Question: Is there an advantage to becoming a real estate agent in doing this BRRRR method? Or does it not matter? Thank you for sharing.
@lomparti
@lomparti 4 жыл бұрын
It doesn’t really matter but it’s probably more advantageous to be a contractor rather than a realtor when it comes to investing.
@FreestylingIsLike123
@FreestylingIsLike123 3 жыл бұрын
Just to tag on too this I'm going for my GC license aswell this year. But having my real estate license helps negotiate a lower price by throwing up your commission as a price drop point or using it like a closing cost coverage like I did in my last property saved me $3,500 representing my self. As well as the network of real estate knowledge and MLS access pros and cons to being active tho costs me average of 2,500 to maintain an active license in NC.
@MohammadIslam-mz9ub
@MohammadIslam-mz9ub 3 жыл бұрын
On what basis bank is giving you loan when you already bought and fixed up the house? Are you doing HELOC?
@shawnj908
@shawnj908 5 жыл бұрын
I am so happy I listened to this podcast....thank you guys for this info and I will definately be refrencing this video and book...Great work guys!
@nick-eh5gb
@nick-eh5gb 3 жыл бұрын
Yes do more like the one he mentioned where he said the lady disputed low appraisals in Philadelphia ‼️ we need more Philadelphia real estate knowledge ‼️
@Planetgreenzen
@Planetgreenzen 5 жыл бұрын
Thanks Wonder Twins David is so wise and has great advice with every word he speaks.
@chuabaka
@chuabaka 3 жыл бұрын
1:07:07 whats the line of credit David's talking about here? Is that a HELOC? And do you need to have a lot of equity built up for it?
@Mrdothedash22
@Mrdothedash22 3 жыл бұрын
Yes, You have to have a considerable amount of equity in order use a Heloc. Ideally if most banks borrow up to 85% CLTV, you need to have at least 30% of total equity before qualifying
@BrinAmberlee
@BrinAmberlee 4 жыл бұрын
I’ve been watching a lot of real estate videos because I want to start investing this year. This is by far the best one. Thank you so so much 🙏🏼
@shackletonfinance1767
@shackletonfinance1767 3 жыл бұрын
Good luck on your investment journey!
@lifeisgreat1718
@lifeisgreat1718 2 жыл бұрын
You can also use your state pension if you’re a state employee. Love the content! 😎😎
@waleedabdulrab8779
@waleedabdulrab8779 5 жыл бұрын
"Fixed up from the sink up" I got you David.
@erastusmuhia224
@erastusmuhia224 4 жыл бұрын
Was training to be an Accountant and as an ex-cop to have this knowledge is amazing !
@erastusmuhia224
@erastusmuhia224 4 жыл бұрын
They never actually train you to invest ..
@Johngoldbranson
@Johngoldbranson 5 жыл бұрын
What are the biggest deals you guys pick up? Both in terms of price and also in terms of units? Any preference on unit mixes when closing your deal?
@oneloveinteriors5691
@oneloveinteriors5691 2 жыл бұрын
So when you cash out do you pay back the loan or keep the money to repeat the process?
@zackschumacher4825
@zackschumacher4825 5 жыл бұрын
This is one of My faviorte podcasts ever on god
@basednwhitepilld
@basednwhitepilld 5 жыл бұрын
On God 💯
@four716
@four716 4 жыл бұрын
On god 🤝
@destinhook3826
@destinhook3826 3 жыл бұрын
On God 🗣
@chitchatwithjoshua2517
@chitchatwithjoshua2517 2 жыл бұрын
would you please elaborate a little on conventional loans and their closing costs trap. What would be the alternate option for your first loan on your property to secure it for a rehab-needing property and avoid issue of closing costs
@flashpb04
@flashpb04 5 жыл бұрын
I think these podcasts are fantastic. I would love for Bigger Pockets to create a segment that goes really deep into how to structure deals. As deep as you can possibly go, into very fine specifics for people who have deep grasps on all of these concepts!
@HjCrawford
@HjCrawford 5 жыл бұрын
Yes!!! 🤗
@nxadragon
@nxadragon 5 жыл бұрын
Wait... If you refi 90k you then have to pay off the 60k existing mortgage, then you can get back your 30k, you don't have 90k to go out and do it again and again. You basically just have the same 30k except now you have equity that just sits there until you sell.
@ymichelle34
@ymichelle34 5 жыл бұрын
@@nxadragon The point being you pay your lender back quickly, they're likely to turn around and loan to you for the next one...
@danielmeanarealtor
@danielmeanarealtor 2 жыл бұрын
Does the brrrr strategy work with condos as well ???
@lisvetmatos7434
@lisvetmatos7434 5 жыл бұрын
You guys are the best in the real estate industry !!!
@Proliflick
@Proliflick 3 жыл бұрын
Hi I am already a landlord and thought that was all I could be for a long time. Until setting this podcast, so I bought the book. And am going to buy. I have picked a state and a neighborhood. Waiting to get my BP account reactivated. Hope to find some guidance towards the right contractors for the rehab and property management. Thank you both
@Jordan_Warrington
@Jordan_Warrington 4 жыл бұрын
My only issue with this format is that the reduction of capital also comes with an increase in liability (refinance payment). I think this can be done but I really think people need to be careful as it can go wrong if the numbers are off. Still something to think about
@ewlinitis
@ewlinitis 2 жыл бұрын
That's how people learn, by making mistakes. So my question to you is, how would you do it ? I feel that this is for people that dont have much cash on hand
@eddytejano515
@eddytejano515 5 жыл бұрын
I'm doing a deeper research on this strategy. I really like it, thanks very much. I will buy your book, study and pursue it, i hope it will work with our very challenging market here in Vancouver, Canada.
@skyblue9991
@skyblue9991 4 жыл бұрын
Check out the channels Meet Kevin and Graham Stephan for some great info on this strategy.
@aspollocreed
@aspollocreed 5 жыл бұрын
@biggerpockets 24:30 I got lost when during your example when you said you put it under CONTRACT for 50k and put in 30k to rehab it. Were you referring to the same 100k house or are you referring to a 50k house being rehabbed up to 100k. If anyone can answer that'd be awesome
@SteveSmith-pp8bx
@SteveSmith-pp8bx 5 жыл бұрын
asprulole vue I think his point was you make money on the right scenario. It has to have a strong upside. You can’t be sitting on a break even after the rehab...you can’t get your money back out.
@kevinbotero8816
@kevinbotero8816 2 жыл бұрын
How would you structure this legally? Would each property have their own LLC? Or is it better to have all properties under one LLC?
@hulk6164
@hulk6164 Жыл бұрын
Good question, did you find an answer in your studies since this comment?
@misunderstoodkj
@misunderstoodkj 5 жыл бұрын
Tore Up from the Floor Up by: Sheneneh from the TV show "Martin".
@d.miller6062
@d.miller6062 5 жыл бұрын
Ha ha they don't know about that!
@promisestarxd9487
@promisestarxd9487 5 жыл бұрын
misunderstoodkj thank you!!!!!!!! I knew it was from a show but I couldn’t remember which show
@MrMarkmill
@MrMarkmill 5 жыл бұрын
Facts
@victorassessing7
@victorassessing7 5 жыл бұрын
@Timothy Graham and if they don't know now they know
@chalongehart3134
@chalongehart3134 5 жыл бұрын
" What is black culture?" For $500
@nico_gg_8863
@nico_gg_8863 4 жыл бұрын
Question: does the brrrr strategy still work if I live in the property as the renter, and then I refinance? Also, how long do I have to wait until I can refinance the property on average?
@villgomez
@villgomez 5 жыл бұрын
I just purchased the book from the BP website.
@shackletonfinance1767
@shackletonfinance1767 3 жыл бұрын
Good move. How did you like it?
@villgomez
@villgomez 3 жыл бұрын
Really good. It pairs well with the long distance investing book. I really gained a lot of value from the pitch decks that came with it.
@shackletonfinance1767
@shackletonfinance1767 3 жыл бұрын
@@villgomez Nice. Are you pitching for JV partners? Have you considered private money if you are flipping or doing buy and hold?
@donelliott885
@donelliott885 3 жыл бұрын
If I understand well, I should refinance my properties shortly after the renter moves in? One should always have a mortgage on rentals? after I pull the equity out. I say this because I have bought 15 doors in 3 years and they are all rented with positive income. in order for me to buy more I should refinance them and buy more?
@frostedjedi
@frostedjedi 5 жыл бұрын
Hey wildland firefighter here that heard about this podcast from a coworker. You guys inspired and educated me enough to buy my first duplex and house hack it. Just curious what video games you play haha.
@REIJames
@REIJames 5 жыл бұрын
noah pratt congrats!
@cameronjames9534
@cameronjames9534 3 жыл бұрын
Can you brrrr through naca and when you refinance pull out the money and be done with naca ?
@smartmoneycafe1057
@smartmoneycafe1057 5 жыл бұрын
One of your best videos so far. Strategies and reasons are clearly mapped out.. Thanks a million. I am getting the book
@Factored1
@Factored1 2 жыл бұрын
What if you hire an appraiser to come in pre rehab and suggest the improvements?
@livingingreenvillenc6904
@livingingreenvillenc6904 5 жыл бұрын
Great video! Is there a seasoning period when you pay cash?
@MrNesjes24
@MrNesjes24 5 жыл бұрын
Every Morning just listen to BiggerPockets that is all the motivation and knowledge you need
@socialexperimentgaming4808
@socialexperimentgaming4808 5 жыл бұрын
or, where they came from...Lifestyles Unlimited. I'll take the older guys who are not getting off to just hearing tore up from the floor up. Youth still make to many mistakes. And this process is not new. It has been around since the advent of real estate.
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