My Oklahoma BRRRR - Episode 17

The David Greene Show

David Greene

Entrepreneurship, Business

5 • 653 Ratings

🗓️ 5 November 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

*Video Available On YouTube And Spotify!* In this episode, David provides an in-depth walkthrough of a property he recently purchased in Oklahoma. He begins with an overview of the house—a three-bedroom, two-bathroom home with 1,260 square feet—and discusses how he found the property through a wholesale deal. David explains the BRRR method (Buy, Rehab, Rent, Refinance, Repeat) and emphasizes that the goal is not always to extract 100% of the capital but to leave less money in the property than if bought traditionally. He details the costs and challenges he encountered during the remodel, including unexpected expenses like a new roof and backyard fence. David compares different scenarios for refinancing and cash flow, ultimately showing various strategies for maximizing returns on investment. He stresses the importance of flexibility and long-term thinking in real estate investing. 00:00 Introduction to the David Greene Show 00:35 Overview of the Property 01:01 Finding and Purchasing the Property 01:42 Understanding the BRRR Method 04:04 Initial Walkthrough of the Property 07:54 Mid-Remodel Progress 11:55 Challenges and Unexpected Costs 21:51 Final Walkthrough and Results 23:23 Conclusion and Recap

Transcript

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0:00.0	What's going on, everyone? Welcome to the David Green Show. We're going to be doing something a little different today. I don't do this very often, but I'm going to take a stab and making a walk-through video of a property that I recently bought in Oklahoma. Now, in full transparency, I don't think I'm very good at stretching these videos out and finding a lot of different things to talk about or talking really slow so that I can hypnotize you
0:21.2	into watching 45 minutes of nonsense. So the video might be kind of short, but don't confuse that
0:27.0	with not being valuable because I'm going to pretty much open up the playbook and show you
0:30.5	everything that went into this house in the spirit of real talk, real estate. All right. So let's
0:35.6	start with an overview. This is a three bedroom,
0:38.2	two bathroom house, 1,260 square feet in a pretty decent neighborhood in Oklahoma. Now, I'm
0:44.2	told the school districts are really nice and that was one of the things that appealed about
0:48.1	the home. It needed quite a bit of work, but not a lot by real estate standards, just a lot by
0:53.7	what a non-investor might look at and be a little intimidated by.
0:56.9	It currently shows a estimate of about $179,000.
1:01.7	I found the property from a real estate agent who had this under contract as a wholesale deal.
1:07.3	So she sent out letters through a company called HomeVestors, which is like a franchise
1:11.5	model that she bought into, found a seller who wanted to sell their house and then goes and looks
1:15.5	for an end buyer like me. I put the property under contract for $115,000. Now I'm going to walk
1:21.7	through the remodel. I'm going to show you some pictures of what it looked like before and after.
1:25.4	I'm going to talk about what I did. And then I'm going to explain the ARV.
1:28.3	Here's the thing to take away from this deal.
1:30.3	It's not complicated.
1:32.3	Let me say that another way.
1:33.3	It's only as complicated as you make it.
1:36.3	There's not a whole lot of moving parts to these smaller deals, especially when they're
1:40.3	rentals.
	...

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