177: Using Fixer-Upper Rentals (BRRRR) to Achieve Financial Independence with Ben Walhood | Bigger Pockets Podcast
When you hear the acronym “BRRRR,” what comes to mind? Winter? Well, today on the BiggerPockets Podcast, we’re going to talk about BRRRR — and, no, we’re not talking about the temperature! On this powerful episode, we dive deep into one of the most popular and exciting strategies for real estate investors today — the BRRRR strategy (Buy-Rehab-Rent-Refinance-Repeat). We talk with Ben Walhood, a real estate investor from the Chicago suburbs who has found tremendous success buying properties in several states using BRRRR, as well as several other strategies. You’ll learn why it took Ben nearly ten years to “take off” as an investor, as well as the best tips he has for finding success today. Grab a notebook and pencil — because this is one show you’ll want to take some notes!
In This Episode We Cover:
Tips for switching from the linear path of a sales person to a real estate investor
What a “no doc loan” is
How Ben bought his first house in college to house hack
How he learns each market he gets into
The story of how he failed horribly on his second deal
What to do when you get calls from tenants in the middle of the night
Why every strategy could work
How he got better with his type of properties over time
The best deal he’s had
Why you have to fail to succeed
Tips on the BRRRR strategy
How many properties Ben has
What you should know about CapEx
Tips for using insurance companies
How to perform a walkthrough of a typical BRRRR deal
The downsides to this strategy
Tips for short-term financing through crowdfunding
Where is Ben going with his investing
How we was able to quit his job through investing
And SO much more!
Links from the Show
BiggerPockets Calculators (includes BRRR Calculator)
RealtyShares
BP Podcast 151: Finding Your “Freedom Number” with Clayton Morris
BiggerPockets Forums
Books Mentioned in this Show
Rich Dad Poor Dad by Robert Kiyosaki
The Book on Rental Property Investing by Brandon Turner
Investing in Real Estate by Gary Eldred
Rich Dad’s CASHFLOW Quadrant by Robert Kiyosaki
Eat That Frog! by Brian Tracy
Tweetable Topics:
“I just hated the idea of throwing away money on rent every month.” (Tweet This!)
“Find people that choose to rent and not ones that need to rent.” (Tweet This!)
“I had to try and fail before I could figure out what success looked like.” (Tweet This!)
“It’s all about putting in the right people and putting some terms in your lease.” (Tweet This!)
Connect with Ben
Ben’s BiggerPockets Profile
Ben’s LinkedIn
Ben’s Company Profile
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