BRRRRing from a distance

[Alex Kernus]

Hey BP,

First post! I'm located in Los Angeles but invest in the Midwest (Memphis, TN and Covington, KY), currently own one SFR, one duplex and one triplex, all on conventional mortgages and all with self-funded down payments.

I'd like my next deal to be an entry-level BRRRR, am currently reading David Greene's BRRRR book, but find myself in every chapter coming up with mental roadblocks regarding the process, many of which are due to the fact that I'd be doing this from a distance. Some quick and obvious ones include:

1) not being able to find a good contractor

2) even if I do, not being able to get him/her/them to walk the property during the diligence period to give me a thorough scope of work

3) if I need to back out of the deal after seeing the inspection & SoW, that particular contractor not wanting to work with me again and then me having to start the contractor-finding process all over again

4) not being in a good position to manage the contractor throughout the process, thereby leading to an over-time and over-budget (and potentially incomplete/subpar) rehab.

I could go on but you get the picture. My question/request is looking for some BP members who have recently(ish) completed their first or second BRRRR from a distance, and getting a feel for how you overcame all of the mental (and operational) hurdles? I went through this same mental block process before buying my first investment, but I'm finding myself with larger blocks for BRRRR, not sure why.

Thanks for your help!

[Account Closed]

@Riley Schaefer thanks for the shout-out and congrats on the new BRRRR cash out! We have done BRRRRs on new and existing properties. We have even done some rescue BRRRs where some investors have waved the white flag and walked away from the project. Many just don't want to deal with the time, money and risk of building a team and managing a project from afar. With our network of contractors and property managers it certainly makes the process smoother. Congrats again on your deal! What's next?