Multifamily Virtual Real Estate investing - BRRR Strategy for Lifetime Cash Flow - Cleveland Vlog

Hey folks! This is a 4 plex we purchased in Cleveland OH about a year ago. The plan was to use the BRRR strategy, Buy, Renovate, Rent, Refinance & Repeat.

BUY: We bought this property off-market using our own Cash.

RENOVATE: We did a full gut renovation of this property. We replaced the electrical, plumbing, roof, windows, installed new kitchens, bathrooms, carpet, paint, etc. The renovations took longer than expected, but after almost 12 months, we are almost at the finish line. One of the drawbacks of investing out of state is finding reliable contractors. Another challenge is managing the renovations from out of state.

RENT: In this video we’re interviewing a potential property manager. When you invest and own properties out of state, having a great property manager is critical to your success. The neighborhood where this particular property is located is transitioning, we speak a little about how some property managers were not willing to manage a property in this neighborhood. The ones who do will benefit.

REFINANCE: Once the renovations are complete, we will refinance into a long term mortgage.

REPEAT!

Here’s the rough numbers on this one:
Purchase price: $50,000
Rehab: $50,000
Closing & Holding costs: $15,000
Rent: $650/unit x 4 units = $2,600/mo
Est appraised value after rehab: $240,000
Refinance at 70% of LTV: $168,000
Mortgage after refinance: $1200/mo
Gross cash flow: $1000-1400/mo

Investing in multifamily real estate out of state is not for the faint of heart. But like anything else it’s doable.

Stay tuned for future updates on this property once it’s rented and stabilized.

We’re already in the process of purchasing our next 12 units in Cleveland. Our target is to build a portfolio of hundreds of units in this market. Stay tuned, if you blink you might miss it!

=====================
★☆★ SUBSCRIBE TO DEDRIC & KRYSTAL POLITE’S YOUTUBE CHANNEL NOW ★☆★

Dedric & Krystal are the rare keynote speakers & entrepreneurs that actually own & operate several highly profitable 6 and 7 figure businesses.

To Schedule a Free Strategy Session with Our Team,
https://bit.ly/OurFreeStrategySessions

To learn more about How they built a 7-Figure Real Estate Investing business, and consistently generate 10-20 deals/month using a predictable system for Wholesalers, Real Estate Investors & Agents.
Go to https://bit.ly/DrivingForDollarsCourse

To Schedule a Free Strategy Session with Our Team,
https://bit.ly/OurFreeStrategySessions

To download our Free ebook with our tips on how to scale your business using Driving 4 Dollars$ go to: https://bit.ly/BePoliteFreeEbook

Join our Private Facebook group for CoPreneurs (Couples In Entrepreneurs):
https://www.facebook.com/groups/CoPre…

TOOLS WE USE EVERY DAY IN OUR BUSINESS

Deal Machine : http://bit.ly/PoliteDealMachine
Get your First 40 postcards FREE
CODE: BEPOLITE

Test Drive PropStream, The Most Powerful Real Estate Tool Available – Get a 7 day free Trial on Us! http://bit.ly/PolitePropertyData

REI RAIL : https://bit.ly/REIRAIL – Get $100 off the signup fee

Phone Systems : http://www.callrail.com

Direct Mail – https://bit.ly/REIPrintMail2

Call Tools (Cold Calling System) – http://bit.ly/BePoliteCallTools

Ultimate Business and Personal Credit Repair program

Here are links to some personal and business credit courses we’ve personally used to help us build & maintain our 800+ credit scores, as well as obtain business credit which funds all our businesses.

The Funding Machine
http://bit.ly/FundingMachine

The Travel Hacker
http://bit.ly/TheTravelHacker

850 Bluepring
http://bit.ly/850Blueprint

Boss Bundle Guides
https://bit.ly/BossBundleGuides