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Updated over 3 years ago,
BRRRR YouTube video by bigger pockets- Question
This video on youtube was super detailed and entertaining. I listened to it on the way to my 40-minute commute to work. This had a lot of good information and definitely wanting to do this in the future once I find a partner or get my money up to be able to do something like this. One thing I had a question on was the loan amount after getting an appraisal and being approved. Ok, so you get the appraisal amount now that you were able to successfully rehab and the house is worth more. The bank appraises it and helps you out with a $90,000 loan(example) and then you can repeat the process to do it all over. Are you making payments right away on this $90,000 loan or how would you go about paying this loan off from the bank by using the BRRR method and keep acquiring more and more properties until you're able to pay it off? Thanks, guys.