The BRRRR method is when you buy a fixer-upper, fix it, rent it out, refinance it, and then do it all over again.

Depending on how far along this loan is in the amortization, there could be additional benefit in keeping the original mortgage in place because more of the PI payment is going to principle, opposed to if you were to take a new loan, where a majority of the PI payment will be going towards interest.As far as the negotiation goes, my method is to simply do run a few scenarios, making sure to add in whatever ROR or whatever metric you want to have as your investment criteria.

Also, there are methods to picking a market I can tell you more about.

Use the enemy method and the search function in local Facebook groups.

How’s it going Johnny, I’d love to connect, Birmingham is my main market and I currently have a 58 property portfolio of tax deed properties that could work for your BRRRR method

If your looking to pay down your home though, I would look into using the shred method. 

Buyers and sellers should stay informed and adapt to the evolving market conditions.Birmingham, AL Rental Market Forecast (June 2024 - November 2024)Single-Family HomesJune 20242-bedroom: $1,150 (MoM: +0.4%, YoY: +4.5%)3-bedroom: $1,410 (MoM: +0.7%, YoY: +3.7%)4-bedroom: $1,680 (MoM: +0.6%, YoY: +3.5%)July 20242-bedroom: $1,155 (MoM: +0.4%, YoY: +4.4%)3-bedroom: $1,420 (MoM: +0.7%, YoY: +3.6%)4-bedroom: $1,690 (MoM: +0.6%, YoY: +3.4%)August 20242-bedroom: $1,160 (MoM: +0.4%, YoY: +4.3%)3-bedroom: $1,430 (MoM: +0.7%, YoY: +3.5%)4-bedroom: $1,700 (MoM: +0.6%, YoY: +3.3%)September 20242-bedroom: $1,165 (MoM: +0.4%, YoY: +4.2%)3-bedroom: $1,440 (MoM: +0.7%, YoY: +3.4%)4-bedroom: $1,710 (MoM: +0.6%, YoY: +3.2%)October 20242-bedroom: $1,170 (MoM: +0.4%, YoY: +4.1%)3-bedroom: $1,450 (MoM: +0.7%, YoY: +3.3%)4-bedroom: $1,720 (MoM: +0.6%, YoY: +3.1%)November 20242-bedroom: $1,175 (MoM: +0.4%, YoY: +4.0%)3-bedroom: $1,460 (MoM: +0.7%, YoY: +3.2%)4-bedroom: $1,730 (MoM: +0.6%, YoY: +3.0%)ApartmentsJune 20242-bedroom: $1,045 (MoM: +0.5%, YoY: +3.5%)3-bedroom: $1,290 (MoM: +0.4%, YoY: +3.1%)4-bedroom: $1,510 (MoM: +0.7%, YoY: +3.4%)July 20242-bedroom: $1,050 (MoM: +0.5%, YoY: +3.4%)3-bedroom: $1,295 (MoM: +0.4%, YoY: +3.0%)4-bedroom: $1,520 (MoM: +0.7%, YoY: +3.3%)August 20242-bedroom: $1,055 (MoM: +0.5%, YoY: +3.3%)3-bedroom: $1,300 (MoM: +0.4%, YoY: +2.9%)4-bedroom: $1,530 (MoM: +0.7%, YoY: +3.2%)September 20242-bedroom: $1,060 (MoM: +0.5%, YoY: +3.2%)3-bedroom: $1,305 (MoM: +0.4%, YoY: +2.8%)4-bedroom: $1,540 (MoM: +0.7%, YoY: +3.1%)October 20242-bedroom: $1,065 (MoM: +0.5%, YoY: +3.1%)3-bedroom: $1,310 (MoM: +0.4%, YoY: +2.7%)4-bedroom: $1,550 (MoM: +0.7%, YoY: +3.0%)November 20242-bedroom: $1,070 (MoM: +0.5%, YoY: +3.0%)3-bedroom: $1,315 (MoM: +0.4%, YoY: +2.6%)4-bedroom: $1,560 (MoM: +0.7%, YoY: +2.9%)Market AnalysisThe Birmingham sales & rental market is expected to continue its current trend of gradual sales & rent increases across both single-family homes and apartments.

I think we can achieve the goal of a family-friendly community and having a house that I can get paid for by using a co-op method.  

Find Brandon's videos on YouTube for the "four square" method of analyzing homes and practice.

Yes for sure - you should definitely check out hard money loans to assist with the purchase and then "DSCR Loans" for the cash-out refinance (DSCR Loans are made particularly for investors like you - no DTI or W2 considered at all)Published an article last year on BP on this exact topic (BRRRR method financing options) hope it helps!