BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated about 2 years ago, 10/17/2022
Investing, mentorship and first property.
Hello my name is Quentin Jivery I’m brand new to real estate investing and looking for my first deal to start my family and I on a path to financial freedom!
In short I am writing this looking for mentorship number one, I want people smarter then me to show me how they have become successful. I'm looking for single family BRRR opportunities as well as multi family properties. Looking forward to connecting with some of you!
Quote from @Quentin Jivery:
Hello my name is Quentin Jivery I’m brand new to real estate investing and looking for my first deal to start my family and I on a path to financial freedom!
In short I am writing this looking for mentorship number one, I want people smarter then me to show me how they have become successful. I'm looking for single family BRRR opportunities as well as multi family properties. Looking forward to connecting with some of you!
Good for you to start the process. There are quite a few meet ups that have been taking place all over the Portland Metro. One advertised on the Forums here is https://www.biggerpockets.com/... There are others. I know there are a few investor lab meet ups as well. I believe there was a meet up for Clark County REI meet up but I haven't seen it recently maybe someone else can chime in with that info. There is a ton to learn just reading through posts here and listening to the BP Podcasts.
If you are really early on your journey and trying to identify what methods to use I recommend heading to the library and reading or at least skimming a few dozen of the recommended titles from the BP Podcasts. I'll tell you a few books I strongly recommend would be: Set for Life (Scott Trench),What Every Real Estate Investor Needs to Know About Cashflow... (Frank Galleneli) there are many more. Try to spend some time understanding why you want to do this and what your goals are, that will be important when you find a mentor. Your goals need to have some level of alignment with what they do and how they operate.
Hope this helps.
Yo Quentin I have a few years in real estate and, a little knowledge. Iif you want to call and discuss anything, just reach out. As Arnold's last rule says: "Give something back"
- Trust Yourself.
- Break Some Rules.
- Don't Be Afraid to Fail.
- Avoid the Naysayers.
- Work Like Hell.
- Give Something back.
Quote from @Steven Goldman:
Yo Quentin I have a few years in real estate and, a little knowledge. Iif you want to call and discuss anything, just reach out. As Arnold's last rule says: "Give something back"
- Trust Yourself.
- Break Some Rules.
- Don't Be Afraid to Fail.
- Avoid the Naysayers.
- Work Like Hell.
- Give Something back.
Man shout out to Steve and Jonathan! I appreciate reaching out it means a lot, I am brand new to this and a little backstory my wife and I just had our first baby a little girl and I’ve been toying with the idea of real estate for a while now and reading everything I can and listening and soaking up info. More then ever now with my daughter here I want to be free to be with them more and not be a worker bee ( let me say that isn’t to say I’m not understanding that this take a ton of work and creativity) but it’s much more exciting and rewarding and the pay off is potentiallly huge. My family is my motivation factor and if I’m being honest I love the creative side of it!
I feel like I want to either get my first deal and make some mistakes and learn or follow someone on there one hundredth deal and learn from it and talk to them! I guess I’m saying I don’t know exactly where to start! Thanks guys!
Just find a good realtor and buy a property that cashflows. It's not rocket science and the get rich quick/mentorship strategies rarely work. BRRR worked well 5 years ago but unlikely in 2022 even if you were experienced. You can make good friends at real estate meetups who can review your numbers but do not ever pay anyone to do that or join any paid mentorships.
Quote from @Henry Lazerow:
Just find a good realtor and buy a property that cashflows. It's not rocket science and the get rich quick/mentorship strategies rarely work. BRRR worked well 5 years ago but unlikely in 2022 even if you were experienced. You can make good friends at real estate meetups who can review your numbers but do not ever pay anyone to do that or join any paid mentorships.
Thank you! I wasn’t thinking of paying anyone just learning from someone.
So are you saying BRRR won't be succsesful today? Why is that?
When you say cash flow are you talking rentals or mobile home or storage? Not so much appreciation an Refis?
Thank you
In 2022 you can brrr but you wont cashflow after it with current interest rates and properly analyzing expenses. Maybe one in a million deal you could but the people pitching it are mostly scammer gurus. I am talking 2-4 units. Unless you have significant capital doubt you can buy self storage, etc. Most newbies in real estate start with a low down owner occupant loan to get into a 2-4 unit and then grow from there.
Quote from @Quentin Jivery:
Hello my name is Quentin Jivery I’m brand new to real estate investing and looking for my first deal to start my family and I on a path to financial freedom!
In short I am writing this looking for mentorship number one, I want people smarter then me to show me how they have become successful. I'm looking for single family BRRR opportunities as well as multi family properties. Looking forward to connecting with some of you!
I would start to go to as many networking events as you can. Look up who are successful big names in your area and offer to take them to lunch. You never know until you ask. It is always worth asking. I like to try to set up every month a meeting with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwells book "Good Leaders Ask Great Questions."
"You may want to use them too:
- What is the greatest lesson you have learned? By asking this question I seek their wisdom.
- What are you learning now? This question allows me to benefit from their passion.
- How has failure shaped your life? This question gives insight into their attitude.
- Who do you know whom I should know? This allows me to engage with their network.
- What have you read that I should read? This question directs my personal growth.
- What have you done that I should do? This helps me seek new experiences.
- How can I add value to you? This shows my gratitude and desire to add value to them."
These can be a great starting point for you
Quote from @Steven Foster Wilson:
Quote from @Quentin Jivery:
Hello my name is Quentin Jivery I’m brand new to real estate investing and looking for my first deal to start my family and I on a path to financial freedom!
In short I am writing this looking for mentorship number one, I want people smarter then me to show me how they have become successful. I'm looking for single family BRRR opportunities as well as multi family properties. Looking forward to connecting with some of you!
I would start to go to as many networking events as you can. Look up who are successful big names in your area and offer to take them to lunch. You never know until you ask. It is always worth asking. I like to try to set up every month a meeting with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwells book "Good Leaders Ask Great Questions."
"You may want to use them too:
- What is the greatest lesson you have learned? By asking this question I seek their wisdom.
- What are you learning now? This question allows me to benefit from their passion.
- How has failure shaped your life? This question gives insight into their attitude.
- Who do you know whom I should know? This allows me to engage with their network.
- What have you read that I should read? This question directs my personal growth.
- What have you done that I should do? This helps me seek new experiences.
- How can I add value to you? This shows my gratitude and desire to add value to them."
These can be a great starting point for you
what advice do you have for someone just starting out. I’ve been told BRRRS is not the place to start in 2022 and instead to look for cash flowing properties. I’m interested what you would have to say. I’m really curious about short term and long term rentals but also the BRRR strategy seems amazing if I can find the value whihc in oregon seems hard. Anyway thank you for reaching out!
Quote from @Steven Goldman:
Yo Quentin I have a few years in real estate and, a little knowledge. Iif you want to call and discuss anything, just reach out. As Arnold's last rule says: "Give something back"
- Trust Yourself.
- Break Some Rules.
- Don't Be Afraid to Fail.
- Avoid the Naysayers.
- Work Like Hell.
- Give Something back.
I’m really excited to start learning and get into my first deal. What if any thoughts do you have on BRRRS as opposed to trying to find cash flowing properties. If you direct message me I can give you my email or phone number. Again thank you for reaching out it means a lot.
-Quentin
Quote from @Quentin Jivery:
Quote from @Steven Foster Wilson:
Quote from @Quentin Jivery:
Hello my name is Quentin Jivery I’m brand new to real estate investing and looking for my first deal to start my family and I on a path to financial freedom!
In short I am writing this looking for mentorship number one, I want people smarter then me to show me how they have become successful. I'm looking for single family BRRR opportunities as well as multi family properties. Looking forward to connecting with some of you!
I would start to go to as many networking events as you can. Look up who are successful big names in your area and offer to take them to lunch. You never know until you ask. It is always worth asking. I like to try to set up every month a meeting with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwells book "Good Leaders Ask Great Questions."
"You may want to use them too:
- What is the greatest lesson you have learned? By asking this question I seek their wisdom.
- What are you learning now? This question allows me to benefit from their passion.
- How has failure shaped your life? This question gives insight into their attitude.
- Who do you know whom I should know? This allows me to engage with their network.
- What have you read that I should read? This question directs my personal growth.
- What have you done that I should do? This helps me seek new experiences.
- How can I add value to you? This shows my gratitude and desire to add value to them."
These can be a great starting point for you
what advice do you have for someone just starting out. I’ve been told BRRRS is not the place to start in 2022 and instead to look for cash flowing properties. I’m interested what you would have to say. I’m really curious about short term and long term rentals but also the BRRR strategy seems amazing if I can find the value whihc in oregon seems hard. Anyway thank you for reaching out!
So glad it helped. Honestly, I only buy properties that I am already buying into equity. Example, I just bought a property for $45,000 and rents are at $650. I already had someone tell me they would buy it off of me for $110,000 and I know I can get rents at $1,200. I think it is just about waiting on the good deals and jumping right on them when you see them. You have to be ready to act fast.
Quote from @Steven Foster Wilson:
Quote from @Quentin Jivery:
Quote from @Steven Foster Wilson:
Quote from @Quentin Jivery:
Hello my name is Quentin Jivery I’m brand new to real estate investing and looking for my first deal to start my family and I on a path to financial freedom!
In short I am writing this looking for mentorship number one, I want people smarter then me to show me how they have become successful. I'm looking for single family BRRR opportunities as well as multi family properties. Looking forward to connecting with some of you!
I would start to go to as many networking events as you can. Look up who are successful big names in your area and offer to take them to lunch. You never know until you ask. It is always worth asking. I like to try to set up every month a meeting with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwells book "Good Leaders Ask Great Questions."
"You may want to use them too:
- What is the greatest lesson you have learned? By asking this question I seek their wisdom.
- What are you learning now? This question allows me to benefit from their passion.
- How has failure shaped your life? This question gives insight into their attitude.
- Who do you know whom I should know? This allows me to engage with their network.
- What have you read that I should read? This question directs my personal growth.
- What have you done that I should do? This helps me seek new experiences.
- How can I add value to you? This shows my gratitude and desire to add value to them."
These can be a great starting point for you
what advice do you have for someone just starting out. I’ve been told BRRRS is not the place to start in 2022 and instead to look for cash flowing properties. I’m interested what you would have to say. I’m really curious about short term and long term rentals but also the BRRR strategy seems amazing if I can find the value whihc in oregon seems hard. Anyway thank you for reaching out!
So glad it helped. Honestly, I only buy properties that I am already buying into equity. Example, I just bought a property for $45,000 and rents are at $650. I already had someone tell me they would buy it off of me for $110,000 and I know I can get rents at $1,200. I think it is just about waiting on the good deals and jumping right on them when you see them. You have to be ready to act fast.
Seems like real estate is really cheap in your area, rio is definitely amazing in those type of locations.
Quote from @David Tsybikov:
Quote from @Steven Foster Wilson:
Quote from @Quentin Jivery:
Quote from @Steven Foster Wilson:
Quote from @Quentin Jivery:
Hello my name is Quentin Jivery I’m brand new to real estate investing and looking for my first deal to start my family and I on a path to financial freedom!
In short I am writing this looking for mentorship number one, I want people smarter then me to show me how they have become successful. I'm looking for single family BRRR opportunities as well as multi family properties. Looking forward to connecting with some of you!
I would start to go to as many networking events as you can. Look up who are successful big names in your area and offer to take them to lunch. You never know until you ask. It is always worth asking. I like to try to set up every month a meeting with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwells book "Good Leaders Ask Great Questions."
"You may want to use them too:
- What is the greatest lesson you have learned? By asking this question I seek their wisdom.
- What are you learning now? This question allows me to benefit from their passion.
- How has failure shaped your life? This question gives insight into their attitude.
- Who do you know whom I should know? This allows me to engage with their network.
- What have you read that I should read? This question directs my personal growth.
- What have you done that I should do? This helps me seek new experiences.
- How can I add value to you? This shows my gratitude and desire to add value to them."
These can be a great starting point for you
what advice do you have for someone just starting out. I’ve been told BRRRS is not the place to start in 2022 and instead to look for cash flowing properties. I’m interested what you would have to say. I’m really curious about short term and long term rentals but also the BRRR strategy seems amazing if I can find the value whihc in oregon seems hard. Anyway thank you for reaching out!
So glad it helped. Honestly, I only buy properties that I am already buying into equity. Example, I just bought a property for $45,000 and rents are at $650. I already had someone tell me they would buy it off of me for $110,000 and I know I can get rents at $1,200. I think it is just about waiting on the good deals and jumping right on them when you see them. You have to be ready to act fast.
Seems like real estate is really cheap in your area, rio is definitely amazing in those type of locations.
It sure is. I have just seen the market explode here. Definitely worth looking into if you are thinking about investing.
Quote from @Steven Foster Wilson:
Quote from @Quentin Jivery:
Quote from @Steven Foster Wilson:
Quote from @Quentin Jivery:
Hello my name is Quentin Jivery I’m brand new to real estate investing and looking for my first deal to start my family and I on a path to financial freedom!
In short I am writing this looking for mentorship number one, I want people smarter then me to show me how they have become successful. I'm looking for single family BRRR opportunities as well as multi family properties. Looking forward to connecting with some of you!
I would start to go to as many networking events as you can. Look up who are successful big names in your area and offer to take them to lunch. You never know until you ask. It is always worth asking. I like to try to set up every month a meeting with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwells book "Good Leaders Ask Great Questions."
"You may want to use them too:
- What is the greatest lesson you have learned? By asking this question I seek their wisdom.
- What are you learning now? This question allows me to benefit from their passion.
- How has failure shaped your life? This question gives insight into their attitude.
- Who do you know whom I should know? This allows me to engage with their network.
- What have you read that I should read? This question directs my personal growth.
- What have you done that I should do? This helps me seek new experiences.
- How can I add value to you? This shows my gratitude and desire to add value to them."
These can be a great starting point for you
what advice do you have for someone just starting out. I’ve been told BRRRS is not the place to start in 2022 and instead to look for cash flowing properties. I’m interested what you would have to say. I’m really curious about short term and long term rentals but also the BRRR strategy seems amazing if I can find the value whihc in oregon seems hard. Anyway thank you for reaching out!
So glad it helped. Honestly, I only buy properties that I am already buying into equity. Example, I just bought a property for $45,000 and rents are at $650. I already had someone tell me they would buy it off of me for $110,000 and I know I can get rents at $1,200. I think it is just about waiting on the good deals and jumping right on them when you see them. You have to be ready to act fast.
That is an amazing deal. What do you think made such a big difference between your buying price and the selling price you were offered?
Was the property distressed in some way when you bought it?
Quote from @Sam Bhattacharya:
Quote from @Steven Foster Wilson:
Quote from @Quentin Jivery:
Quote from @Steven Foster Wilson:
Quote from @Quentin Jivery:
Hello my name is Quentin Jivery I’m brand new to real estate investing and looking for my first deal to start my family and I on a path to financial freedom!
In short I am writing this looking for mentorship number one, I want people smarter then me to show me how they have become successful. I'm looking for single family BRRR opportunities as well as multi family properties. Looking forward to connecting with some of you!
I would start to go to as many networking events as you can. Look up who are successful big names in your area and offer to take them to lunch. You never know until you ask. It is always worth asking. I like to try to set up every month a meeting with someone I think I can learn from or who could be a potential mentor. I always come full of questions and ready to learn. Many are specific to the individual that I am meeting with but there are some questions that I have taken from John Maxwells book "Good Leaders Ask Great Questions."
"You may want to use them too:
- What is the greatest lesson you have learned? By asking this question I seek their wisdom.
- What are you learning now? This question allows me to benefit from their passion.
- How has failure shaped your life? This question gives insight into their attitude.
- Who do you know whom I should know? This allows me to engage with their network.
- What have you read that I should read? This question directs my personal growth.
- What have you done that I should do? This helps me seek new experiences.
- How can I add value to you? This shows my gratitude and desire to add value to them."
These can be a great starting point for you
what advice do you have for someone just starting out. I’ve been told BRRRS is not the place to start in 2022 and instead to look for cash flowing properties. I’m interested what you would have to say. I’m really curious about short term and long term rentals but also the BRRR strategy seems amazing if I can find the value whihc in oregon seems hard. Anyway thank you for reaching out!
So glad it helped. Honestly, I only buy properties that I am already buying into equity. Example, I just bought a property for $45,000 and rents are at $650. I already had someone tell me they would buy it off of me for $110,000 and I know I can get rents at $1,200. I think it is just about waiting on the good deals and jumping right on them when you see them. You have to be ready to act fast.
That is an amazing deal. What do you think made such a big difference between your buying price and the selling price you were offered?
Was the property distressed in some way when you bought it?
I found it off-market. A lot of the off-market deals I find are value add and could go for more if you were to sell the next day. I try and cold call daily to find those deals.