Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple by David Greene

Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple by David Greene

PART ONE
Introduction to BRRRR

Owning real estate has the ability to change lives. When my parents bought
their first home around 1985 in Manteca, California, they paid around
$60,000. That house is now worth about $375,000. Had they rented it out,
the tenants would have paid off the entire mortgage for them during the
time they’d owned it. At a 10 percent down payment, my parents would
have turned $6,000 or so into $375,000—all while letting the tenants create
the wealth for them.
Had they applied the cash flow from rent payments toward the loan
principal, the loan mortgage would probably have been paid off twice. Had
they reinvested that second mortgage amount into real estate, they could
have started this same process over with about four new houses.
Imagine the financial power that comes from owning a large portfolio of
cash-producing rental property that appreciates in value while the tenants
pay your loan down for you. Imagine using someone else’s money to fund
this portfolio, then taking the wealth you’ve created and spending those
same dollars over and over to buy new properties. With each new property
you start a new wealth-building cycle, increase your efficiency and
effectiveness, and create equity to fund your next purchase. Soon you end
up with a powerful wave, carrying you to financial freedom.
This book is about how to create that wave, which can be easily
leveraged, and builds wealth in several different ways. Owning real estate
for a significant period of time is virtually guaranteed to build you wealth.
Cash flowing assets have the ability to carry you to great heights that you
couldn’t have achieved through working a traditional job.
Real estate also has the ability to completely destroy you, your wealth,
and your plans for a better future. Rarely do we see a source of power that
is all good or all bad. In most cases, power helps or hurts depending on how
it’s used or the ability of the one who’s using it. But those who want the big
reward have to also take the big risk. Success isn’t found in avoiding
anything that could go wrong. It’s found in harnessing your strengths to
make them work for you and creating systems that mitigate risk and
enhance efficiency.
So how do we learn to harness power? The process of developing or
harnessing power that will propel you to achieve great things, including
financial freedom, is called mastery. Mastery is the process that allows you
to harness the same power that can destroy you, force it to help you, and
unlock your own true potential. Whether it’s riding a bike, surfing a wave,

Buy, Rehab, Rent, Refinance, Repeat: The BRRRR Rental Property Investment Strategy Made Simple by David Greene