Breaking Down the BRRRR Method
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The Burr method is a way to achieve financial freedom through real estate without using your own money. The first step is to find a distressed property and get it under contract at a discount using a hard money or private money lender. The next step is to rehab the property, which can be intimidating, but you can learn as you go. Once the property is fixed up, find a good tenant who will pay rent every month to cover the mortgage and other expenses. It is important to screen tenants thoroughly by checking their background, credit score, and past landlords.
The final step in the Burr method is to refinance the property. Take the rented and fixed-up property to a small local bank and do an 80% cash-out refinance. The bank will send out an appraiser to determine the market value of the property and then write you a check for 80% of that value. You can use this check to pay back your initial lender and keep any leftover money as tax-free profit. The tenant's rent will cover the mortgage and other expenses, allowing you to own a rental property with equity and cash flow without using any of your own money.
The speaker emphasizes the importance of the BRRRR method in creating financial freedom through real estate. The method involves finding a distressed property, rehabbing it, renting it out to a good tenant, refinancing it, and repeating the process. The speaker stresses the importance of scaling the method by creating systems and processes, joining a community, having accountability, increasing lead flow, and obtaining extra funding. The speaker encourages listeners to take action and start creating their own financial freedom through real estate, emphasizing that anyone can be successful in real estate, even without any money. The speaker concludes by urging listeners to stop making excuses and start living the life they want.
The Burr method is a way to achieve financial freedom through real estate without using your own mon