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Updated about 1 year ago on . Most recent reply

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Darius Kellar
  • Real Estate Coach
216
Votes |
245
Posts

My Expedited Portfolio Using the BRRR Strategy in Michigan (Scaling Single Family)

Darius Kellar
  • Real Estate Coach
Posted

Hi All,

After 8 years of investing and building my 9-property portfolio I would say the biggest obstacle I have faced thus far is scaling from buying 1 single family rental property a year to buying 5 in one year. The way that I did it was pulling the equity or doing multiple cash out refinances at the same time in 2021, which allowed me to accumulate almost 300K in cash. I then took the cash and purchased 5 single family homes within a 12-month time frame. The cash on hand allowed me to negotiate the price down on 3 of the 5 houses that I purchased. Those 3 were directly from MLS. The homes that I refinanced are located in Pontiac which is about 35 minutes outside of the Detroit area. Negotiating the price down allowed me to have instant equity and allowed me to set my self up in the future to scale up again, whether it is buying a package of single families or a multifamily. Today 4 of the 5 homes that I purchased are owned free and clear.

Hopefully someone can use my method on how I doubled my portfolio in a short period of time.

Most Popular Reply

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228
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270
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Jason Brown
  • Investor
  • Miami, FL
270
Votes |
228
Posts
Jason Brown
  • Investor
  • Miami, FL
Replied

hey @Darius Kellar I saw your original post on this earlier. Congrats again very inspiring.

Two questions:

Obviously our areas are doing and I'm not picking up any sub 30K properties here in Miami. I've always heard skeptic caution about properties at these price points because they come with a difficult tenant pool which then requires much more intensive property management and capex.

1. Are you self managing?

2. If you are self managing are how much time monthly do you average you spend on your portfolio?

I've seen that you do a good amount of cleaning them up before you stick a renter in there so perhaps the issue not so much the capex but the property management.

Keep killing it!

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