BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated about 4 years ago on . Most recent reply
BRRRR Method/Hard Money Lender
I am trying to get into real estate investing. I was recently exposed to the BRRRR Method and I am currently shopping around for lenders. I have some money I would like to use to start, but not a significant amount. Do you have any suggestions for lenders, consultants, or realtors in the Philadelphia area.
If you’ve ever went through the process, can you share your experience?
Feel free to DM me as well!
Most Popular Reply
@Marlia Stone, Yes I funded the entire first deal myself. I bought it for 77k, put 15k of work into it, then it appraised for 124k, and I got a HELOC for 80% ARV and pulled out 99k, so profited 7k off the bat. Once I had that happen, some people on BP noticed, family & friends saw what I did too and now I have people helping me fund deals as private lenders. Already doing 3 deals in 2021!
For the second point, yes, you're taking on the role of a mentee/intern. Go into knowing that you're doing the grunt work but getting an education and building relationships. After a year or so, you'll hopefully have more money saved up for investing as well as a team that can help you get the deal done.