“BRRRRing” His Way to Financial Independence EVEN in a Tough Housing Market

Real Estate Rookie

BiggerPockets

How To, Education, Business, Investing, Entrepreneurship

4.8 • 1.7K Ratings

🗓️ 11 November 2024

⏱️ 54 minutes

🔗️ Recording | iTunes | RSS

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Summary

Can you still find great deals in today’s cutthroat housing market? Of course! But you may need to go off the beaten path. Rookie investor Karl Denton looks beyond the MLS (multiple listings service), focuses on undervalued and distressed properties, and even does his own home renovations to create value. If he can do it, YOU can, too! Welcome back to the Real Estate Rookie podcast! Karl has a superpower—finding hidden gems that other investors overlook. And he’s not doing anything that you can’t. Even as a full-time firefighter, he still finds time to attend meetups, go to foreclosure auctions, build his own lists, and contact homeowners about their properties. So far, this strategy has allowed him to find, buy, and fix three properties in three years! Want to replicate his success? Tune in as Karl walks you through each step of the BRRRR method (buy, rehab, rent, refinance, repeat). Along the way, you’ll learn where to find undervalued properties, how to manage out-of-state renovations, and when to do a cash-out refinance. You’ll also hear about Karl’s big pivot from long-term rentals to short-term rentals and the huge cash flow boost that came with it! In This Episode We Cover: How to find, fund, and fix distressed or undervalued homes in 2024 Why the BRRRR method still works in today’s challenging market Three ways to buy properties with tax liens (and why they make GREAT investments) Crucial tips for managing an out-of-state home renovation project When to pivot from one investing strategy to another based on your market Why you should focus on stabilizing your real estate portfolio before scaling it And So Much More! Links from the Show Ashley's BiggerPockets Profile Tony's BiggerPokckets Profile Join BiggerPockets for FREE Real Estate Rookie Facebook Group Real Estate Rookie YouTube Buy the Book “Buy, Rehab, Rent, Refinance, Repeat” Find an Investor-Friendly Agent in Your Area Making $300K+ Profit Per Rental and Scaling FAST with “DADUs” Connect with Karl (00:00) Intro (00:46) Buying His First Property (03:55) The BRRRR Strategy (11:37) Karl’s Portfolio & Auctions 101 (20:40) DIY & Out-of-State Renovations (29:54) When Should You Refinance? (33:55) Switching to Short-Term Rentals (41:35) Revenue & Tips for Rookies (47:47) Connect with Karl! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/rookie-482 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected]. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Today's guest is proving that the Burr Strategy by rehab, rent, refinance, and repeat still works,
0:07.3	even in today's challenging market, with a knack for finding value in unexpected places and
0:13.7	the determination to keep growing despite rising rates. They're scaling their portfolio one
0:20.0	property at a time, ready to find out how they're
0:22.9	pulling it off. This is the real estate rookie podcast. I'm Ashley Care, and I'm here with Tony J. Robinson.
0:30.2	And welcome to the podcast where every week, three times a week, we're bringing you the inspiration,
0:34.7	motivation, and stories you need to hear to kickstart your investing journey. So today we're going to discuss first, finding a real estate strategy that works for you.
0:42.7	Number two, building slowly to hit financial independence. And finally, how to pivot your portfolio
0:47.7	based on the market you're in. So today, I'd love to welcome Carl Denson to the podcast. Carl,
0:52.0	what's up, brother? How you doing, man? Good, good. How's it going
0:54.1	Tony? Was it, I guess, that initially drew you into real estate? Like, what even kind of peaked
0:58.5	that initial interest to say, hey, this is what, this is what I want to do with my extra time,
1:02.8	money, and energy? So initially when I got into real estate, I was a firefighter at the time working locally in the area here.
1:11.1	And I got into stock market first and I got into stocks and we got into it with a group of
1:16.2	guys at work and we started trading some options and we really got into it for about a year.
1:23.5	And then my tax account was like, just a lot of work for not a lot of money.
1:26.8	And I was like, yeah, no, I'm like, I'll sit in front of the computer when the bell rings.
1:31.2	And then it rings again.
1:32.0	And I'm like, I've been in front of the computer all day trading stocks.
1:34.9	Wow.
1:35.2	So your CPA really called you out there.
1:37.8	Yeah.
	...

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