Business
It may seem like you need to throw a lot of your own money down to buy a property, rehab it, and rent it out. But with a simple strategy called the BRRRR Method, you can position yourself into property assets via refinancing and you don’t have to invest any of your own money.David Dodge is basically “the BRRRR guy,” so he’s here today to break down exactly how it works. BRRRR is an acronym, and if you follow the steps, you’ll be making deals without putting your own money down.The B stands for Buy. You have to buy the property. Find properties at a discount by looking for motivated sellers. The first R stands for Renovate. You can get private investor money to cover your reno costs. The second R is for Rent: you rent the property out to secure your cash flow. The third R is for Refinance, and this is really the heart of the strategy. And the final R simply stands for Repeat. You’ve worked the method and made the deal, now go start the process again!David also explains how to work with local banks and build relationships so that they’ll be more likely to give you the loans you need. Plus, we discuss amortization: what it is, how it works, and how to use it to your advantage when refinancing.To get involved in their program yourself, go to REInetwork.com/join.What's Inside:—The BRRRR Method: Buy, Renovate, Rent, Refinance, Repeat.—P-BRRRR- Make sure you prequalify first.—How to work with local banks to secure loans.—Amortization explained.