The BRRRR Strategy 5 Steps to Increase Your Passive Income
I would then use that cash to acquire another rental residential or commercial property and do it all over once again!
Once the refinance process was done, I had the ability to take out $13,000 to buy my next rental residential or commercial property. The monthly payment for borrowing $13,000 was only $115 a month.
Since the residential or commercial property was currently leasing for $550, I was still making a positive capital of nearly $400 a month after the mortgage payment!
I took that $13,000 and purchased another residential or commercial property beginning the entire process over once again. From starting to end on the 2nd residential or commercial property took about 3 months to complete.
The residential or commercial property was rented for $500 a month and I took out $20,000 of equity from the residential or commercial property when I refinanced this residential or commercial property as I did the first.
The second mortgage payment was only $220 a month so I still made a capital positive of $2800 a month after the mortgage payment.
With $20,000 cash, I purchased two more residential or commercial properties that brought in $500 each monthly.
Remember, these residential or commercial properties remain in a depressed market where costs of homes are really low-cost but leas are relatively high compared to the cost of the home.
So at this point, I now have a total of four residential or commercial properties that bring in a total of $2000 a month with 2 mortgage payments that total $335 a month.
That is a positive capital of practically $1700 a month!
Here are some more I purchased by pulling money out of a Credit Card! So here's what the acronym suggests:
1.
Let's break down each step one at a time.
I would then use that cash to acquire another rental residential or commercial property and do it all over once again!
Once the refinance process was done, I had the ability to take out $13,000 to buy my next rental residential or commercial property. The monthly payment for borrowing $13,000 was only $115 a month.
Since the residential or commercial property was currently leasing for $550, I was still making a positive capital of nearly $400 a month after the mortgage payment!
I took that $13,000 and purchased another residential or commercial property beginning the entire process over once again. From starting to end on the 2nd residential or commercial property took about 3 months to complete.
The residential or commercial property was rented for $500 a month and I took out $20,000 of equity from the residential or commercial property when I refinanced this residential or commercial property as I did the first.
The second mortgage payment was only $220 a month so I still made a capital positive of $2800 a month after the mortgage payment.
With $20,000 cash, I purchased two more residential or commercial properties that brought in $500 each monthly.
Remember, these residential or commercial properties remain in a depressed market where costs of homes are really low-cost but leas are relatively high compared to the cost of the home.
So at this point, I now have a total of four residential or commercial properties that bring in a total of $2000 a month with 2 mortgage payments that total $335 a month.
That is a positive capital of practically $1700 a month!
Here are some more I purchased by pulling money out of a Credit Card! So here's what the acronym suggests:
1.
Let's break down each step one at a time.