All Forum Posts by: Robert Kirkley

@Stephen Akindona Thanks so much for sharing your advice! One thing I know I need to work on is the math behind the deals. Over the next week I will be working on my goals, so I will define a strategy to implement to start making moves. Your explanation of a deal in simple terms really helped me grasp the idea of how PML or HML could be used in this situation. Brandon always says in the podcasts that if you use a HML, all you have to do is plug in the costs of borrowing that money into your analysis and you won't have to worry about them ruining the deal.

I will have to look around for a refi lender in my area.  I wasn't aware of the price of the fees, so thanks for sharing that!  It seems like the time to turnover the property is as important as if you were completing a flip so you don't have a large sum of holding costs.  The deals you have done sounds incredible!  This is definitely what I want to focus on when I start looking for properties.  It's great to read over your experiences and see how successful you have become using the strategy.  I love that you can get most, if not all, of your money back through a refinance and create an almost infinite return of your money through cash flow every month.  

That is exactly what I needed to read.  Very excited to continue my education about this strategy and how I can use it in the markets I know.  Thank you!

@Fred Shatzoff Thanks for responding! My plan is to get a cash flowing asset, but when using the BRRRR strategy, the goal is to take the refinance loan after you rehab the property. I wouldn't turn down a property that would pass my criteria, but in order to implement the BRRRR, I am not sure a conventional loan would be the best option, unless I am missing something?

Hey everyone,

Lately I have been researching a lot into the BRRRR strategy and hope to use this style of investing, however, paying cash for a property isn't the most likely scenario to play out in my case. I am very frugal and am already saving every penny I can to invest in real estate, but saving up for a property would take a lot of time. That being said, I was wondering if anyone here has used different strategies to finance the property without having to put too much down, such as a HML/Private Money/etc. If so, how did you finance it and would you recommend the way you did it? I would use a HML, but being that they are a little more pricey/risky for a refinance strategy, I am not sure it would be the best course of action. Thanks in advanced for any advice! Hope you all have a great one!

Hey Dallen!  Congrats on wanting to start so young!  We are lucky enough to have a lot of time on our side to reach our goals.  I would recommend networking with lots of people at meetings while making sure to consistently improve your understanding of real estate every day, whether that means analyzing deals, becoming more familiar with processes, etc.  There is a lot to learn, but if you can continuously put yourself out there in front of other investors, I am sure you will find yourself in a successful position sooner than later.  Good luck!

I have heard from many investors that Jacksonville is very hit or miss.  Definitely do your due diligence with the area if you continue to look into deals over there.  @Lesley Resnick is very knowledgeable of Jacksonville markets, so I am sure she would have some good advice! 

I am very interested to start using this strategy in Florida markets in the future.  It will be interesting how this strategy will have to be reworked in a down market, as you are all saying.  @Tim Bradley I haven't heard of any "horror stories" from BRRRR investors yet, but I am interested in hearing the cons in this style of investing. Honestly, even if you can't get all of your capital back with the refinance, the amount of money you have invested in the property will have a great return with the cash flow from the tenants! I am very excited to get the BRRRR book soon to learn even more about it!

I have heard both good and bad stories from landlords who have college student tenants.  You have to be very diligent with your screening, look into co-signing with the student's parents and possibly have a larger security deposit in case they damage the property in any way.  As Robert said in an earlier post, there is no shortage of students in the area being that UCF is such a large school, but always do your due diligence.

Hey everyone,

I was listening to a BP podcast where the guest said that they used a return refinance to turn their HML into a conventional loan. I listened to this a few days ago so I may have remembered that incorrectly, but up until then I didn't think something like that was possible. Could anyone explain what exactly that process is and if it is something to look into when using an HML or avoid altogether? Any clarification would be great, thank you!

Hey everyone! Lately, I have been researching more into the BRRRR method and was wondering if anyone is currently using this strategy in Central Florida? My family is moving to the Eustis/Mount Dora area and I am trying to learn more about those markets. We have lived in Winter Park for the last 19 years, so I am taking this opportunity to learn a new market and would love any advice if anyone is more familiar with this location. Would really appreciate any help!

@Tom S. Thanks for explaining that!  It did help, I will have to keep that in mind for future deals down the road.