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Real Estate Rookie

41: Using Hard Money & BRRRR to Go From 2 to 80 Units with Kyle Mack

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.81.7K Ratings

🗓️ 9 December 2020

⏱️ 64 minutes

🧾️ Download transcript

Summary

Kyle Mack was only a senior in college when he bought his first duplex, house hacked it, and caught the real estate bug. Since graduating he’s held a handful of jobs, from retail, to becoming a leasing agent, and even a commercial real estate broker. But that wasn’t what Kyle’s degree was in, he was actually planning on becoming a doctor. Kyle talks through how he gained the confidence to take on an 18 unit apartment building, not too long after closing on his first property. He also talks about the importance of financing, and how it can help you scale. Using financing like hard money, credit cards, and cash to close on properties, Kyle has had to think on his feet to get deals done. He walks us through the best way to approach hard money loans, how to have lenders lined up for deals, and what to do when you can’t refinance at the end of a BRRRR deal. Kyle brings up “imposter syndrome" and how it’s easy to psych yourself out of deals that you can handle. This is a great episode for any new investor who has never used hard money, creative financing, or wants to go from 1 unit, to many. In This Episode We Cover: How Kyle bought his first duplex before graduating college How to pivot career paths, even if you’re just starting out Why it’s important to do the “hard” parts of real estate, not just busy work What a land contract is, and how it differs from seller financing Using 0% credit cards to finance materials for deals How to prepare your deals for hard money lenders How to find great electricians, general contractors, and other professionals Why you need to ignore the “imposter syndrome” that can creep up during deals And SO much more! Links from the Show Real Estate Rookie Facebook Group Ashley's Instagram Tony's Instagram Buildium BiggerPockets Forums BiggerPockets Zillow Moo BiggerPockets Podcast Check the full show notes here: http://biggerpockets.com/rookie41 Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

This is real estate rookie show number 41.

0:04.4

That's my best advice for

0:09.2

for investors is just know what your exit strategy is.

0:12.6

Because the last thing you want to do is have two or three of these hard money loans

0:15.4

and the rent is barely enough to pay for them.

0:18.6

And now you're getting here on a stock.

0:19.9

So. My name is Ashley Care, and I am here with Tony Robinson, who by the times this airs is going to be a married man.

0:33.0

So true.

0:35.0

It's so crazy.

0:36.0

We've been engaged for two years.

0:38.0

So it's like it's been this thing that's been so far away.

0:40.0

So now that we're like four or five days away, I'm like freaking out a little bit.

0:43.2

Yeah, it's like crunch time.

0:44.8

Yeah.

0:46.8

Well, I hope everything goes well with the wedding,

0:49.7

and I'll be excited to hear about it when it gets back and the honeymoon.

0:52.8

Yeah, we're going for two full weeks.

0:55.0

I'm not.

0:55.6

I told all my friends at work that all my, any email that comes to me during those two

0:59.3

because it's getting auto deleted.

1:00.8

I'm not answering any phone calls.

1:02.1

I'm not doing anything. So okay so how are your

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