13. House hacking to 7 units with the BRRRR strategy, private money, frontloading CAPEX, and detailed systems | Lauren & Kyle of Rentals to Wealth

I LOVE talking to Lauren & Kyle because they always keep it REAL.  They are the amazing duo behind @rentalstowealth  They used house hacking to get started in real estate... And used my personal favorite method to decide on a location: nearby FOOD.  Sounds funny, but this method can really narrow down neighborhood/area investing classes.   We chat about why it actually may be a bad thing to take a full year’s rent, upfront.  We talk Dave Ramsey, how I am now a HUGE bigger pockets fan even when it used to totally scare me, and talk through our thought processes behind personal and real estate debt.  They have the BEST tips on how they streamline estimating rehab costs -- they are serious life goals when it comes to getting their rehab budget estimates within $500 +/- at the end.  We give some shout outs to Chris & Dave over at The Stealthy Rich.  We share our favorite things about frontloading all the big CAPEX items. They break down how they used BRRRR to scale to 7 units… using conventional financing and private money lenders.  We share a great love of FB marketplace or Habitat for Humanity finds.  Lauren dives though why you should maintain cash reserves,  how their portfolio was minimally impacted by COVID, and how they find the best tenants by prescreening.  The vast benefits of automating.  And how they now automate their emergency calls with a general contractor. I love their thoughts on mindset, building systems to scale, and how they think about building their team with all the best members in the proper seat.  I think this one will motivate you to just jump in already.  It's rather fun over here.  And you do not want to miss all their amazing features with Bigger Pockets! So inspired (and ready for our business trip/vacay).  Resources & Reading: Jay Scott on Estimating Rehab Costs Traction Cozy.co Stessa My favorite way to prescreen tenants  --- Support this podcast: https://podcasters.spotify.com/pod/show/nerdsguidetofi/support