hey guys welcome back it's James Bennett here the property coach and today I'm going to be showing you how to locate the correct properties for the brrr method
hope you're all keeping well and I hope you had a chance to catch up on my last blog when I give you a brief introduction to the BRRR method today we are going to be dropping into a bit more depth on what we actually look for when we looking to undertake the BRRR strategy
first thing's first when we are looking for BRRR deals we can not simply go out looking for properties at a below market value and putting in cheeky offers this strategy is dead it used to work view lots of properties putting lots of offers and hope that one will stick
now times have moved on we need to be a lot more creative now the property market is at boiling point
And if you do manage to get an offer to stick at a low price below market value nine times out of ten the offer is simply not going to go through you're either going to get gazumped or the vendor will pull out of the offer just before completion trust me it's happened to me time and time again
not only does it waste time but it can also waste your money conducting searches instructing solicitors and missing out on other opportunities
so what do we do we now need to get creative when I say get creative it means looking and thinking outside the box
we need to look for the worst house on a good street and we need to focus on adding value to that property can we turn that property from a 3-bed into a 4 bed can we change that 1-bedroom flat into a 2-bedroom flat can we convert them offices into 4 apartments can we redevelop that pub into 4 townhouses can we add planning permission to a plot of land to increase its value
all of these things are thinking outside the box and getting creative this is the future of the buy refurbish and refinance strategy
not just targeting residential property but also commercial property is the future for BRRR investing
there has never been a better time to target commercial properties and to think outside the box there are hundreds of new property investors still out there thinking that the old method works this is where you can get ahead of the game By getting creative times have moved on and you need to as well
here's one example of one of our latest projects with purchase the rundown property on a good street the famous Footballer Billy wright himself grew up there so the street has a bit of history to it it is a popular Street
we're going to be converting the run-down 3-bed property into a 4-bed property we're going to be adding a bedroom at ensuite a laundry room we are also going to be reconfiguring the whole layout downstairs adding steel beams and bi-folding doors with new flooring right from the front door right into the back garden to create a new Modern open plan property
we will install modern kitchen modern bathrooms will also update the curb appeal with new windows New front door it will also be repainted so we have a clean modern looking property so from that tired run-down property in the street to become one of the best-looking properties on the road now this is how we are implementing the brrr strategy right now
the trick also with property investing is to have multiple exit routes
we know that the property we are just about to convert is also in an area that lends itself very well to short-term lets
so if needed we could quickly furnish property and use it for a short-term lets
the property market as we speak is also up boiling point property prices are on the up and up so we can also consider this property to be a flip
looking at all your exit strategies before entering into a deal is about staying ahead of the game
were already planning exit routes before we have got the keys knowing exactly what you going to do with a property and having fail-safes in place keep you and your business safe and you will stand the test of time
now if you know a property has multiple exit routes you know that this is going to be a good deal and this is the future of property investing having multiple options available to you and utilizing whichever one suits you best at the time
I've been doing Buy refurbish and refinance for many years now and you simply have to adapt to survive
now if you like the idea of recycling your cash through property using creative methods and having multiple exit strategies at your Fingertips get in touch today for a free strategy call to see how we can help you secure your future through property investing
we are running a very limited number of of of mentorship packages over the next 6 months where we will invite you to visit our projects and support your property investing goals and needs
If you want to book a free strategy call with a member of our team to see if you would be a good fit and you are serious about getting started in BRRR or just want a friendly chat to find out more then please book a FREE strategy call
We would be more than happy to assist you moving forward with your property venture