The Practical BRRRR Starter Pack

A real operator's walkthrough of how to find, underwrite, rehab, rent, and refinance your first BRRRR deal — without the guru noise.

Why most BRRRR content hurts new investors

Most content shows you the four steps — Buy, Rehab, Rent, Refinance, Repeat — and stops. You already know the steps. What nobody teaches is that 90% of BRRRR outcomes are decided at the buy. Rehab can be average. Rent can be average. Refinance can be average. If the buy was right, the deal works. If the buy was wrong, nothing downstream saves it.

The BRRRR Buy Filter (5 Checks)

1. Refi-Ability

• Conventionally financeable after rehab?
• Neighborhood lender will lend on?
• 3 clean comps in radius?
• Actual lender confirms current cash-out LTV and seasoning?

A cheap property you can't refinance is not a deal.

2. ARV Confidence

• 3 clean comps (same bed/bath, within 10% sf, <6 months, <0.5 mi)
• Expired listings pulled
• Agent or operator confirms absorption

3. Honest Rehab Math

• Full scope list (roof, HVAC, plumbing, electrical, windows, kitchen, baths, floors, paint, exterior)
• Bids at today's prices, 2-3 bids on big items
• 15-20% buffer on top of the bid
• Price the unknowns (sewer, foundation, roof decking)

4. Rent Reality

• Leased comps, not asks
• 2-3 landlord calls
• Conservative rent in underwriting

5. Cash-Left-In (the decider)

(Verified ARV × conservative cash-out LTV) − (purchase + rehab + holding + closing) = cash left in.

Write your target down before you look at deals. Deals negotiate with you. Your buy box should not.

Beginner Underwriting Checklist (7 missed items)

• Vacancy 8% (default)
• Maintenance 5-10% of gross rent
• CapEx 8-12% of gross rent (separate line)
• Management 8-10% — pay yourself if self-managing
• Rehab buffer 15-20%
• Turnover cost $1,500-$3,000 per make-ready
• Insurance real quote + tax reassessment estimate
• Refi closing costs + 6-12 months seasoning carry

Strategy Decision (Wholesale / Flip / BRRRR)

5 inputs: spread, condition, ARV certainty, capital available, timeline. If inputs cooperate and you want long-term exposure, BRRRR. If capital or condition don't fit, wholesale. If spread + ARV certainty + short timeline, flip. If none fit, walk.

The First 90 Days

• Days 1-30: Study. One submarket. One strategy. No courses.
• Days 30-60: Build 4 relationships — agent, 2 lenders, contractor, off-market source.
• Days 60-90: 100 underwriting reps before your first offer.

Next Steps

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