Real Life BRRRR Rental | Before And After
youtu.be
The video discusses how to buy a rental property without using any of your own money. The speaker shares their experience of finding a property through driving for dollars and buying it for $115,000 using a private money lender. They put $33,000 worth of rehab into the property, using the same private money lender. The speaker recommends using luxury vinyl plank instead of carpet throughout all the properties because carpet gets torn up and dirty. They did a light rehab in the bathroom and kept the floor throughout. The better the rehab, the nicer the house, and the better tenant you'll attract.
The speaker then explains the BRRRR method, which stands for buy, rehab, rent, refinance, and repeat. They used this method to buy a rental property without using any of their own money. They found the property through driving for dollars and bought it for $115,000 using a private money lender. They put $33,000 worth of rehab into the property, using the same private money lender. They then took the property to a small local bank for an 80% cash-out refinance, which appraised the property at $195,000. The bank gave them a cashier's check for $156,000, which they used to pay back the private lender plus interest. They now owe the bank $156,000 over the next 25 years at about 3.5-4% interest. However, they have rented the property out for $1,850 a month to an amazing tenant, which covers the mortgage plus all owning expenses, leaving them with about $300 a month in positive cash flow. The speaker emphasizes that the BRRRR method can be repeated as many times as desired, and they have done it almost 100 times. They encourage viewers to subscribe to their channel and check out their free training on the BRRRR method.
The video discusses how to buy a rental property without using any of your own money. The speaker sh