New Investor - Looking for mentorship in BRRRRs

Orange County, California
BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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New Investor - Looking for mentorship in BRRRRs

Jimmy Kang
New to Real Estate · Irvine, CA · Member since 2022 · 7 posts · 11 votes

Hi BiggerPockets fam,

I'm Jimmy Kang and I'm just getting started out as a real estate investor. A bit about me. I read Short Term Rentals Long Term Wealth a year ago and it sparked my interest in real estate. As I started learning more about other strategies BRRRR really started to stand out as it seems to force you to learn the whole real estate stack and allows you to stretch your capital and grow quicker if done correctly. I'm currently reading through David Greene's BRRRR book and am committed to this strategy as my starting point in real estate. My reasoning here is that although BRRRRs are riskier and harder than turnkey STRs or LTRs that the pros of being able to stretch my capital into multiple properties is worth going through those learnings and getting those bruises up front. I think its the game worth learning. I want to mitigate the risk by using cash and starting in a market with sub $200k median home prices so that I can get a few reps in and build my competence and confidence. I am also looking for a mentor as I take my first steps. That brings me to my ask.

I'm looking for in a mentor who

- Has experience in BRRRRs

- Willing to hop on calls a few times a month 

- Willing to answer rookie questions 


Where I am right now

- Educating myself in BRRRRs through books, forums, BP videos

- Practicing analyzing deals 

- Picking a BRRRR market

- I have enough cash saved to buy in a sub 200k market

Thanks for the help. Very excited to be on this journey with you all and looking forward to the day when I can pay the help forward. 

Best,

Jimmy  

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Shiloh LundahlPro Member
Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
2y

@Jimmy Kang I am going to deflate your excitement bubble a little bit. A mentor isn’t something you really ask for. A mentor is a relationship that develops organically over time. It doesn’t have rules or expectations. It is just a relationship. What it sounds like you want is a mentor who acts more like a coach. Well unfortunately, I think there are more unicorns than there are mentors who act like coaches.

Now, if you want a coach then there is an expectation in the interactions. A good coach will help you get better results than you can get on your own. If you are serious about getting started, then I would say search for a good coach and look for mentors on the way. 

480-206-1209Podcast Guest on Show #287
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  • Logan LaperriereBusiness Member
    Real Estate Agent · Grand Rapids, MI · Member since 2023 · 333 posts · 124 votes
    2y

    Hi Jimmy, 

    Welcome to the forum. David Greene's BRRRR book is a great book to read. I personally love to use the BRRRR strategy. What states are your currently looking to invest? Having a great local team in place is crucial for an out of state investor. I am a Realtor and investor in Michigan. We have several areas in Michigan where the BRRRR strategy can be used successfully with a $200k price range. If you would ever like to chat about opportunities in Michigan, or just general real estate investing I would be happy to talk.

    3Reply
  • Jimmy Kang
    OP
    New to Real Estate · Irvine, CA · Member since 2022 · 7 posts · 11 votes
    2y

    @Logan Laperriere Thanks for your response! So far Columbus, Kansas City, Indianapolis, Springfield (IL), and Rockford (IL) have been on my radar. I have not looked too deep into Michigan but totally open to it and would love to learn more. I'll reach out to setup some time!

    1Reply
  • Milton ChamberlainPro Member
    Real Estate Agent · Kansas City, MO · Member since 2019 · 235 posts · 107 votes
    2y

    Hi Jimmy, 

    I am happy to share my knowledge of the sub 200k KC Metro market with you. I own 3 single family investment properties, and have experience assisting local and OOS investors in my market with deal analysis.

    Reach out if you would like to schedule a call.

    [email protected]573-356-1607
    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    2y
    Quote from @Jimmy Kang:

    Hi BiggerPockets fam,

    I'm Jimmy Kang and I'm just getting started out as a real estate investor. A bit about me. I read Short Term Rentals Long Term Wealth a year ago and it sparked my interest in real estate. As I started learning more about other strategies BRRRR really started to stand out as it seems to force you to learn the whole real estate stack and allows you to stretch your capital and grow quicker if done correctly. I'm currently reading through David Greene's BRRRR book and am committed to this strategy as my starting point in real estate. My reasoning here is that although BRRRRs are riskier and harder than turnkey STRs or LTRs that the pros of being able to stretch my capital into multiple properties is worth going through those learnings and getting those bruises up front. I think its the game worth learning. I want to mitigate the risk by using cash and starting in a market with sub $200k median home prices so that I can get a few reps in and build my competence and confidence. I am also looking for a mentor as I take my first steps. That brings me to my ask.

    I'm looking for in a mentor who

    - Has experience in BRRRRs

    - Willing to hop on calls a few times a month 

    - Willing to answer rookie questions 


    Where I am right now

    - Educating myself in BRRRRs through books, forums, BP videos

    - Practicing analyzing deals 

    - Picking a BRRRR market

    - I have enough cash saved to buy in a sub 200k market

    Thanks for the help. Very excited to be on this journey with you all and looking forward to the day when I can pay the help forward. 

    Best,

    Jimmy  


     Welcome to the BP Community! I am an investor here in Ohio. Happy to chat with you about the market

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Jake BakerBusiness Member
    Flipper/Rehabber · San Diego, CA · Member since 2020 · 1k+ posts · 695 votes
    2y

    @Jimmy Kang

    A good way to meet investors is by attending local meetups. Check them out here or on meetup.com

    [email protected]
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    1Reply
  • Jimmy Kang
    OP
    New to Real Estate · Irvine, CA · Member since 2022 · 7 posts · 11 votes
    2y
    Quote from @Jake Baker:

    @Jimmy Kang

    A good way to meet investors is by attending local meetups. Check them out here or on meetup.com


     Thank you Jake!

    0Reply
  • Shiloh LundahlPro Member
    Rental Property Investor · Gilbert, AZ · Member since 2016 · 3k+ posts · 4k+ votes
    2y

    @Jimmy Kang I am going to deflate your excitement bubble a little bit. A mentor isn’t something you really ask for. A mentor is a relationship that develops organically over time. It doesn’t have rules or expectations. It is just a relationship. What it sounds like you want is a mentor who acts more like a coach. Well unfortunately, I think there are more unicorns than there are mentors who act like coaches.

    Now, if you want a coach then there is an expectation in the interactions. A good coach will help you get better results than you can get on your own. If you are serious about getting started, then I would say search for a good coach and look for mentors on the way. 

    480-206-1209Podcast Guest on Show #287
    3Reply
  • Matt McCurdyBusiness Member
    Real Estate Broker · Cedar Rapids, IA · Member since 2019 · 143 posts · 56 votes
    2y
    Quote from @Jimmy Kang:

    Hi BiggerPockets fam,

    I'm Jimmy Kang and I'm just getting started out as a real estate investor. A bit about me. I read Short Term Rentals Long Term Wealth a year ago and it sparked my interest in real estate. As I started learning more about other strategies BRRRR really started to stand out as it seems to force you to learn the whole real estate stack and allows you to stretch your capital and grow quicker if done correctly. I'm currently reading through David Greene's BRRRR book and am committed to this strategy as my starting point in real estate. My reasoning here is that although BRRRRs are riskier and harder than turnkey STRs or LTRs that the pros of being able to stretch my capital into multiple properties is worth going through those learnings and getting those bruises up front. I think its the game worth learning. I want to mitigate the risk by using cash and starting in a market with sub $200k median home prices so that I can get a few reps in and build my competence and confidence. I am also looking for a mentor as I take my first steps. That brings me to my ask.

    I'm looking for in a mentor who

    - Has experience in BRRRRs

    - Willing to hop on calls a few times a month 

    - Willing to answer rookie questions 


    Where I am right now

    - Educating myself in BRRRRs through books, forums, BP videos

    - Practicing analyzing deals 

    - Picking a BRRRR market

    - I have enough cash saved to buy in a sub 200k market

    Thanks for the help. Very excited to be on this journey with you all and looking forward to the day when I can pay the help forward. 

    Best,

    Jimmy  


     Hey Jimmy,

    It sounds like you have a lot to think about. I've decided to take a semi-break from being a full-time real estate investor in 2024-2025 (I'm still active doing infill in my mobile home communities, but not planning to buy anything) and I've decided to give back to newer investors as a real estate coach. I have extensive experience with the following asset classes: SFH, duplexes, multi-family, mobile home communities, land, tax sales, & STR's. I have done flips, 2 year holds, 1031's, and long term holds (usually doing the BRRR method). Feel free to reach out if you have some burning questions.

    [email protected]319-450-6447
    0Reply
  • Stuart UdisPro Member
    Attorney · Philadelphia · Member since 2018 · 2k+ posts · 3k+ votes
    2y

    @Jimmy Kang I really do not believe you need to spend money on mentorship to complete a BRRRR transaction. Keep in mind, the mentors and gurus have to successfully navigate their students through a transaction to justify their fees and from my observation most of these mentors push deals in zero barrier of entry markets because it's easy to show results.

    I am based in Philadelphia and if you were to send me an email, I can provide you with a list of distressed single family homes in North Philadelphia (a series of "d" neighborhoods" for those who don't know Philadelphia). I can also provide you a list of shady contractors who will cut corners and deliver a product that will hold up long enough to get a tenant moved in and a refinance appraisal completed & lastly direct you on how to secure a tenant with a Housing Choice Voucher at a rental rate greater than the market rent. Those steps combined will turn any of these houses into a BRRRR. Sadly many equate completing a BRRRR as a successful investment, but explain to me where you are going to make money in the hypothetical transaction I just shared?

    My advice to you is to focus on buying quality real estate, and perhaps you will be able to complete a BRRRR. But wouldn't you rather leave some of your money in the property and someday make an actual gain or is merely receiving 100% of your investment back more important? Network with knowledgeable real estate agents in the market where you want to buy. They will help you acquire a good asset. Next, take the money you set aside to pay for mentorship and hire a more qualified General Contractor. You will come out ahead.

    [email protected]
    2Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    2y

    @Jimmy Kang

    i'll answer any BRRRR question that I can that you post here in this thread. have done a few. otherwise i agree with @Shiloh Lundahl

    and... i get your desire to start in a lower cost market, but BRRRRing out of state is very, very difficult.  i genuinely do not know how you would do it unless you spend time there yourself in person, either getting your team set up, and/or monitoring your project.  otherwise it is very high risk.  no one is going to quarterback your project for you.  listen to Spencer Cornelia's BP podcast if you haven't yet.  he tried to do a flip in Cincinnati from Las Vegas.

    And I BRRRR locally and it's really tough.

    1Reply
  • Thomas Murphy
    Member since 2023 · 7 posts · 15 votes
    2y

    @Nicholas L. don't mind my interjecting of this thread...I myself am also a REI newbie, and I'm just curious...what specific things make BRRRRing so difficult even when you are doing so locally? Is it the actual rehab part of the strategy? If yes, would doing your due diligence to make sure you have a quality contractor mitigate some of those issues?

    Or is it a combination of things? I appreciate your feedback in advance. 

    2Reply
  • Nicholas L.Pro Member
    Flipper/Rehabber · Pittsburgh · Member since 2018 · 6k+ posts · 5k+ votes
    2y

    @Thomas Murphy

    every step is tough - you have to find a distressed property, usually off market, where you can boost the ARV significantly via the rehab; you often have to beat out other investors to get the deal; you have to have a quality contractor lined up and ready to go; you have to manage the rehab to make sure it's done on time, and that things are coordinated properly if people / contractors don't show up or come out of order; you have to take care of / maintain the house and the property while it's being rehabbed; and then you have to hope it appraises where you need it to.

    good deals are hard to find, good contractors that are available are hard to find; materials are still expensive; rates have gone up; cash out refi is now a lower amount with a longer seasoning period; etc. still a great strategy but just tough. the only way to manage out of state is with a great team. and you can't just go on the Internet and find "great BRRRR team" with a few clicks.

    2Reply
  • Jimmy Kang
    OP
    New to Real Estate · Irvine, CA · Member since 2022 · 7 posts · 11 votes
    2y
    Quote from @Shiloh Lundahl:

    @Jimmy Kang I am going to deflate your excitement bubble a little bit. A mentor isn’t something you really ask for. A mentor is a relationship that develops organically over time. It doesn’t have rules or expectations. It is just a relationship. What it sounds like you want is a mentor who acts more like a coach. Well unfortunately, I think there are more unicorns than there are mentors who act like coaches.

    Now, if you want a coach then there is an expectation in the interactions. A good coach will help you get better results than you can get on your own. If you are serious about getting started, then I would say search for a good coach and look for mentors on the way. 

    Hey @Shiloh Lundahl. Not deflating at all. I think I am looking for a coach. I didn't understand the difference so I appreciate you sharing that with me. 

    1Reply
  • Kyle N.
    Construction Project Manager · Sycamore, IL · Member since 2015 · 91 posts · 109 votes
    2y

    @Jimmy Kang, a lot of good advice on this thread! Have you thought about finding a partner in one of your focus areas vs. coach/mentor? In my opinion, a good partner will be your best coach/mentor. You're in the deal together and you'll be guided the whole way through the transaction. It is getting much harder to find the right deal to make the BRRRR work, but they're still out there. I have 20 units in the Rockford area (Machesney Park) and I would be happy to answer any questions about the area, and I would also be open to partnering on a deal. But, like I said, the deals aren't easy to find. If you do go this route, make sure you thoroughly vet out your potential partner and have a solid agreement in place to protect both of you. Never send money directly to your partner, make sure it goes to the title company, or Joint-Venture checking account where you both have visibility of where the money is going, and what it's spent on. Best of luck as you get into the game!

    1Reply
  • Thomas Holder
    Member since 2021 · 8 posts · 2 votes
    2y

    @Jimmy Kang @Kyle N.

    Jimmy, Kyle has some good insight here. If you've never done a deal, maybe having a partner or someone who has done several BRRRR's would be very helpful to you. If the Rockford, IL market is what you're looking into, I can help. I am an investor's real estate agent here in the Rockford area and have done 5 BRRRR's in the last 2 years and could help you with boots on the ground here.

    Kyle, I would love to connect with you as well to see if I can help you achieve any goals you may have too!

    Best,

    Thomas

    1Reply
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