We buy houses in Lake Helen Florida. We offer cash for houses in Florida where investors have multiple strategies and techniques used to analyze and purchase investment real estate. It today’s post, we will provide information about the BRRRR method and how it can help you generate wealth! If you need any help with real estate, we are your local Lake Helen FL home buyers.
There are a lot of rules of thumb, equations, and formulas investors use in real estate. The LTV, cap rate, the 1% rule, the 50% rule, and the 70% rule are all useful equations when buying an investment property. But a great formula for investing (and profiting) is referred to as the BRRRR method. Keep reading to learn more about what it means, how you can benefit, and what our team can do to help you!
What Does BRRRR Mean for Investors in Florida?
The BRRRR method is a popular formula used by Lake Helen FL real estate investors who are just starting out. BRRRR stands for buy, rehab, rent, refinance, and repeat. Using this formula, investors are able to begin a cycle of real estate investment, building a well-stocked portfolio that builds wealth for the investor and their family.
Step 1 – Buy a Property in Lake Helen FL
The first step is to find a property you want to buy. Our team can help you find the right property, complete with a full analysis, ensuring you are getting a great deal. That first property purchase can be rough because you aren’t sure exactly what to do, but with a professional buyer on your team, you’ll be able to find discounted Lake Helen FL property that will make an excellent addition to your growing portfolio.
Step 2 – Rehab the Lake Helen House
The rehab of the property can be tricky as well. Do you have construction experience? Do you understand all of the costs that will be associated with the rehab? If not, you’ll want to work with someone who has the proper qualifications. You may think you are able to correctly estimate all costs, but it never hurts to get the opinion of a professional. At Renovation 320, when you purchase a property from us, you will receive an expert analysis of the property that will help you accurately estimate any repair costs you may face. There are things first-time investors will often overlook, but working with Renovation 320 will ensure you have all of the facts you need.
You’ll also want to find simple ways to add value to the property that won’t cost you an arm and a leg. You could fix up the countertops, replace old windows, improve the flooring, or swap out the appliances. Even small things such as swapping out hardware, basic landscaping, or a fresh coat of paint can add real appeal to your property when it’s time to rent it out.
Step 3 – Rent a Home in Lake Helen
Finding the right tenants may feel like a challenge, but if your properly screen and stick to your standards, you’ll have your place rented in no time. Take a look at what comparable properties are renting for and either price your slightly lower or add a feature that the other properties lack. You could include internet, basic furnishings, patio furniture, or a wine fridge depending on your target demographic. Get creative with it so you can attract great, long-term renters for your Lake Helen FL investment property. As a landlord, your goal is to find someone who will want to stay in the house for a long time and who will also be respectful of your property, treating it as if it were their own. With the right additions and upgrades, you will be able to rent out your house right away!
Step 4 – Refinance the FL Property
The next step in the process is to refinance the property. This can cost you a little money, but the rewards are definitely worth it. The goal is to take all of the money you pull from the house after you refinance it, and put it toward your next Lake Helen FL real estate investment. This is how the cycle really begins and how you can rapidly turn one investment into a portfolio of excellent properties.
Step 5 – Repeat the Investment Process in Florida
Now, you do it all over again. This is how investors all over the country have begun their investment journies. After this first one, things begin to make more sense. You will get into a rhythm and will have a better understanding of which properties are the right ones for your investment needs. Once you have done a few, you’ll realize how simple it can be to invest in Lake Helen FL real estate and you’ll wish you would have started sooner.
Sell My House in Lake Helen FL
Are you ready to invest in Lake Helen FL? Find out how our team can help you find Lake Helen FL investment real estate with high ROI. We help novice investors, as well as seasoned professionals, find the perfect properties to add to their portfolios. We are happy to answer any questions you have about investing in Lake Helen FL real estate.
If you think you need to sell your house in Florida fast, then you may need us. We are homebuyers in Deland FL, and we can help you have a stress-free sale by buying your property directly from you. We here at Renovation 320 can you make a quick and fair cash offer. Give us a call at (386) 433-2167 or fill out the online form and we will get in touch with you.