“Buy, Rehab, Rent, Refinance, Repeat” by David Greene is probably the best book I have read outside of Robert Kiyosaki’s collection. It kept me on the edge of my seat for the entire 300+ page book. No, it’s not a mystery; it is just a combination of investing, business, real estate, and talent management.
Of course, these are all things I am highly interested in researching and learning. The author breaks down each step of the process in immense detail—to the point that each section could be its own book.
The idea behind BRRRR is to buy your first home for cash, rehab it to increase its value, rent the property, and finally refinance and take your money out. If done correctly, you’ll have a large sum of your money back (maybe all of it) and keep the cash-flowing property.
If you can do this enough, well, you’ll be rich with cash flow. This book gives us all the processes to analyze deals, find fantastic team members, rent for the proper amounts, and get good lenders to refinance your loan.
I love this book because it is all about adding value. To become a top investor, you’ll need to add value to your team members. Your big four consists of your real estate agent, contractor, lender, and property manager; they will add value to your investing platform. If you add value to them, they will add value to you. I am a huge fan of adding value all around. Let’s get into my five takeaways.
1) Buy. You make your money when you buy, not when you sell. Analyzing your deal, running the numbers, and being honest is necessary to be successful. Take emotions out of the process.
2) Rehab. Asking for an itemized list of tasks from your contractor can save you tons of money. If you can see what job costs a specific amount of money, you can get second opinions or investigate the costs. Most investors ask for something like “Total Rehab will cost $30,000.” By asking the contractor to go deeper and even purchasing the materials yourself, you stand to keep your rehab on budget and on track.
3) Rent. Finding the right property manager is vital to the renting phase of your investing career. Try to find a PM that is also an investor. You’ll have to trust this person to have your back when it comes to maximizing rents.
4) Refinance. Know what your lender is looking for before you conduct your rehab. Some lenders are looking for single-family properties, and others are commercial. Align your investing pieces with a lender moving in the same direction as you.
5) Repeat. My favorite, and something the military is good at, is creating systems for everyone to follow behind you. To become a great investor, you will need to offload tasks to others so that you can operate within your peak performance areas.
Again, I return to adding value. That is the general theme of the book. If you are an out-of-state investor, you will need to add value inside the new city before you can assemble an incredible team.
As entrepreneurs, we should understand that adding value, even in real estate investing, is the name of the game. If you can do that, choose great talent, and systemize your successes, you are well on your way to becoming a great investor. I highly recommend this book to anyone, entrepreneur, investor, real estate agent, etc.
This book has so much value; I cannot write it all in a short article. It also contains a subsection about renting rooms, which is my favorite path to wealth creation. Grab this book!
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