He Made $50,000 While Building a Rental Portfolio | BRRRR Method Perfected
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The video discusses the burr method, which involves buying a property, rehabbing it, renting it out, refinancing it, and repeating the process. The speaker and his wife have made $50,000 from seven bird deals in the past year without using any of their own money. They emphasize the importance of finding properties with deferred maintenance and buying them at a deep discount. The first step is to buy a property and rehab it using someone else's money, such as a private or hard money lender. Then, the property is rented out to prove it is an asset and not a liability. Next, the property is taken to a local bank to be appraised, and the bank will cut a cashier's check for 80% of the appraised value. This check is used to pay back the lender and create a mortgage on the property. The tenant pays the mortgage, expenses, and cash flow, allowing the process to be repeated as many times as desired. The speaker provides real-life examples of how the burr method can be profitable and emphasizes the importance of finding good tenants and rehabbing the property properly. They also discuss how to find connectors or networking leads to buy houses at a discount and recommend finding good contractors and buying in bulk from home improvement stores to keep rehab costs low. The speaker concludes by encouraging viewers to take action and start investing in real estate using the burr method.
The video discusses the burr method, which involves buying a property, rehabbing it, renting it out,