Didn't know about BRRR when starting :( Any Advice?

[Shaun Edwards]

My wife and I definitely didn't know about the BRRR method when we began buying rentals and are now wondering how we can take our current situation and start freeing up our money to buy more.....or maybe even using our current equity to pay off the HELOC.

We currently have 6 rental properties (1 Single Family and 5 MF....26 doors total). Realistic Values for them all combined are $1.523M and we owe $1.203M in mortgages to one bank. We did have to use a HELOC to make the down payments on them and we owe $139k on that to another bank.

I could get more in the weeds if you need me to but thats the basics of our situation. Any advice?

Thanks so much in advance, Shaun

[Taylor L.]

Congrats on getting to where you are!

How are your current properties cash flowing? When are your next major CapEx items coming up? Cash reserves? How would your current business withstand a 10-15% drop in rents or economic occupancy?

At this point in the cycle it's very important not to get over leveraged. I think you should stress test the crap out of your current portfolio before levering to buy more.