177: Using Fixer-Upper Rentals (BRRRR) to Achieve Financial Independence with Ben Walhood

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 investorWhat a “no doc loan” isHow Ben bought his first house in college to house hackHow he learns each market he gets intoThe story of how he failed horribly on his second dealWhat to do when you get calls from tenants in the middle of the nightWhy every strategy could workHow he got better with his type of properties over timeThe best deal he’s hadWhy you have to fail to succeedTips on the BRRRR strategyHow many properties Ben hasWhat you should know about CapExTips for using insurance companiesHow to perform a walkthrough of a typical BRRRR dealThe downsides to this strategyTips for short-term financing through crowdfundingWhere is Ben going with his investingHow we was able to quit his job through investingAnd SO much more!Links from the ShowBiggerPockets Calculators (includes BRRR Calculator)RealtySharesBP Podcast 151: Finding Your “Freedom Number” with Clayton MorrisBiggerPockets ForumsBooks Mentioned in this ShowRich Dad Poor Dad by Robert KiyosakiThe Book on Rental Property Investing by Brandon TurnerInvesting in Real Estate by Gary EldredRich Dad’s CASHFLOW Quadrant by Robert KiyosakiEat That Frog! by Brian TracyTweetable 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 BenBen’s BiggerPockets ProfileBen’s LinkedInBen’s Company Profile