BRRR Strategy Example: Many people want to use the Buy, Refurbish, Refinance, Rent (BRRR) strategy, but they want to see a real life example of it to see how it works. In a recent video, I visited one of my student’s BRRR properties in Swansea, South Wales. In Swansea, you can buy houses at very low prices and rent them out for a significant return. My student, Gil, bought the house for £74,200, did it up, and he's renting it for £3,000 a month as serviced accommodation.
If you want to see the full BRRR strategy example, with all the facts and figures, I highly recommend watching the full video until the end. You can find the video at the top of this page or on my YouTube channel.
In this article, I will give you 3 lessons from this BRRR strategy example. If you find this information helpful, please share it with at least one friend. The more people we can educate about property and finance, the better!
1. BRRR Strategy Example: Motivated Sellers And Timing!
Gil spoke about how he managed to get such a good price for the property. The house was going to be auctioned just before Christmas, and he put in a pre-auction offer. The seller was worried the property might fail to sell, and just wanted it all sorted out by the end of the year. This meant the seller was open to a lower offer and a quick sale.
When you are looking for BRRR deals, find motivated sellers. If a seller wants to move fast, present a cash offer either via your own savings, an investor, or via bridging finance. This will allow you to offer less and still be taken seriously. Also make sure you are actively seeking deals near the end of the year. Other investors will be taking time off, and sellers are often motivated to get their house sold before the new year.
2. BRRR Strategy Example: Build A Power Team!
Gil built strong relationships with local builders and contractors. This allowed him to get things done in a timely and cost-effective manner. It is important to build a power team in the area you are buying in. This means finding good solicitors, plumbers, labourers, etc. and working with them consistently.
Not over spending, and getting things done quickly, can be the difference between a profitable project and an unprofitable one. When building your power team, speak to other people and get references for all the businesses you deal with. Over time, you will find the people you work with the best.
3. BRRR Strategy Example: Invest In Yourself!
Gil spoke about the importance of training, both for attaining knowledge and for building confidence. Investing in your own education is an important part of the property business. Attending training events also allows you to network with investors and learn from people who have done what you are planning to do.
You can either learn from the mistakes of others or from your own mistakes. The latter is more costly and has a greater risk of total failure. I highly recommend getting training as a first priority, before doing the BRRR strategy yourself. This could be with me, or any reputable provider, but make sure you get trained!
BRRR Strategy Example: Getting Started
Are you inspired by this BRRR strategy example, and want to get started as a property investor? Why not learn from the best? Join me at my next £1 training event!
On the course, you will learn how to:
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Become a property investor using other people’s money so that you can get started straight away
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Utilise the 5 different types of raised finance so that you know exactly what to offer and when
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Find the perfect properties for the BRRR strategy
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Recycle your money so that you can ‘rinse and repeat’
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Build a power team you can trust, so that you can save time and money
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And much more!
Tickets are only £1, and you can get yours here. If you are ready to take action, I hope to see you very soon!
