What other strategies or philosophies are out there beside BRRRR?

[Joe M.]

Hi Bigger Pockets

I really enjoy reading the forum, blog, as well as BP books by Brandon Turner and Trench.  I enjoy trying to figure out what strategies will work best for me.

It does seem like many members here are all about BRRRR. My question is what other strategies are out there? What are other ways people grew the number of rentals they had? Not necessarily grew to 50-100 rentals, but how do people who dont embrace debt as easily get to 5-10 rentals?

I figured there was more than one way to skin a cat so curious about other success stories, strategies, books, etc on how people grew the number of rentals.

[Neil Henderson]

Welcome to the buffet table @Joe M.. Sample all that BP has to offer but beware the shiny object syndrome. There are a million and one ways to make money in real estate. There are also a million and one ways to lose money in real estate.

Buy and hold, house flipping, wholesaling, small multi-family, lease options, land contracts, large multi-family, assisted living facilities, vacation rentals, corporate rentals, self storage, notes, mobile home parks, medical office buildings, turn key rentals, etc.

Is your head spinning yet?

In my opinion, it's important to first begin with the end in mind. What does success look like? How much time is your chosen strategy going to take once it's achieved your financial goal? How location dependent is it going to be?

Is it self-managing your own portfolio of cash flowing single family homes making $80,000 a year in rental income?

Is it earning $150,000 a year flipping houses?

Is it owning your own self storage facility and managing the on-site manager?

Is it owning part of a real estate syndication earning a passive return on your money while an experienced operator handles all the day to day operations?

Is it owning a portfolio of single family turn key rentals, paying a management company and collecting the cash flow?

Start with what your financial goal. Then look at what your time horizon is (how quickly would you like to get there?). Finally, ask yourself how passive you want it to be once it's successful and how location depend it is.

As I said, there are a million and one ways to make money in real estate, but not every strategy is going to work for your specific financial goals or the lifestyle you are trying to build.

I hope that helps.