Buy, Renovate, Rent, Refinance, Repeat strategy questions

[Rj J.]

Hey BP!

I'd love to hear anyone's experience using the BRRRR strategy.

What are some key takeaways from your experience?

What's some things you would do different?

What are the advantages to this strategy?

Can you share/walk us through an example of one "BRRRR" investment?

Thanks for sharing!!!

[Judd Campbell]

I have been meaning to update how things have been going, thanks for the lead in @Rj J. ! 

My BRRRR story. It starts and ends with a Porsche.

In July 2014 with two kids in daycare I decided using a 50k car to commute was not the best use of my capital.  In August 2014 I sold my 911 Turbo:

I also happened to call on of those bandit signs "we buy houses for cash!" yellow with black letters.  I left a message stating that I was a cash buyer looking to buy in the Lexington area. I got a call back and two weeks later I went to go see this property:

3 bed / 1 bath townhome ~1100 square feet.  built in 1986.  This placed had a crazy cat lady living in it for the past 5-6 years!  I am talking 50+ cats.  one of the bedrooms was used as a litterbox!

I purchased the property from the wholesaler for $14.5k.  closing took 10 days.  He actually owned the property and paid $12k for it 2 weeks prior to me seeing the property.  we were both happy.  Next step was the rehab.