First BRRRR ever - Do I need to be "on site"?

Question

Hey BP community, first time post after watching lots of YT vids and doing lots of reading, so big moment for me :) My question is regarding long distance BRRRR and the importance of being physically there to see things through. I get that it's totally possible to do fully remote once I've got the systems built up and a solid team I trust in place, but for a complete first-timer: How important is it to be on site? Which steps of the process from pre-purchase to post-rehab are most important for me to be on location for? For a bit more context, I'm based in France (for now), but don't really want to wait 2 years to make my first move towards building up a portfolio of cash-flowing rental properties. I initially was thinking that if I had the right team on the ground and found the right people, maybe I could manage the whole thing remotely without ever seeing the house or setting foot back in the states. But now that I've thought about that a bit, and mostly after my wife was like "um you probably should do your first ever own in person right? you could learn way more and a smaller chance of things going terribly wrong", I'm thinking that she's probably right. There's a lot that could go wrong as is, and while I'll still be relying on the experts for their opinions/advice, at least I could pick up some things by going through the process IRL once and getting a feel for how stuff works. So I'm thinking maybe I fly back, spend a few weeks or a month or two on site for some key parts of the purchase + rehab process, then leave it in the hands of GC or PM. So, what do you think, based on your first time BRRRR experiences?

Jay Hinrichs · Answer

No kidding I cringe every time I read a post on BP with someone who has never done a OOS rehab and is looking for their core 4.. great in theory highly risky in practice.. HIGHLY.

Mike Dymski · Answer

Part-time OOS BRRRR is the highest risk strategy discussed on these forums. Most people can't source profitable properties and contractors in-market let alone out of the country.Tons of profitable strategies in real estate investing...OOC BRRRR can be done but I suspect it's highly uncommon.

Aleksandar Popivoda · Answer

NO. BRRRR is high risk strategy by itself. When you add the inexperience factor and not being physically present on site, you are basically heading to disaster.

Tom Scott · Answer

Benjamin Franklin has a famous quote Tell me I’ll forget Teach me I’ll remember Involve me and I’ll learn. learn the process. Once you get good at it, do it again. Then... rinse and repeat. This is how to build wealth. As amazing as Youtube is, nothing takes the place of physically doing it or seeing with your own eyes Being onsite, you’ll gain valuable experience and learn the intimate details . If you decide to manage the whole deal from France, Unfortunately there is one thing you will learn… Good luck!

Eduardo Reyes · Answer

Hello Denis, I definitely think that for your first BRRRR you should be a bit involved especially if you still don't have any systems in place. To minimize any potential setbacks. 1st thing I would do is set up good systems and then go from there. hope this helps

Denis Lin · Answer

@Tom Scott and @Corey Frank thanks guys for giving me your thoughts! really appreciate it. I think I have avoided major disaster and pain by posting on here and getting all of your thoughts, so that's a good thing. Would love to connect and hear about your experiences so far if you're down 👍

Corey Frank · Answer

@Denis Lin Hey Denis! As a feller investor that is also using the BRRR strategy, I have heard a lot of war stories from investors doing OOS BRRR. The market I am currently gearing up to BRRR is only 2 hours away from me and I have a pretty good working knowledge of construction. With all the moving parts of this strategy, (financing, rehab, ARV and everything else) it could be very valuable to have working knowledge of a few parts or at least have a few systems in place before starting a project of this scale. So you dont get completely overwhelmed. Hope this helps. Good luck!

Denis Lin · Answer

Thanks Eduardo, yep after seeing the other responses it's pretty clear that I should be in person for this first one at the very least. Will probably think about either doing this later when I'm in the US permanently or setting aside a longer chunk of time to set this up. How many BRRRRs did it take you to get a good system set up? And have you been sticking to the same geographical area as well then to work with the same team?

Theresa Harris · Answer

I agree with the others. If you want to do investing while you are in France, plan a trip and get a place that is turnkey or close to it.

Corey Frank · Answer

@Denis Lin yes! let's connect!