BRRRRing Elias St Part 1

In this video Matt McKeever explains how he's implementing the BRRRR investing strategy on his Elias st property in London Ontario. In Part 1 of this video series he explains where BRRRR originated from, what it stands for and the high level concept of how he's implementing it on his property to create 30K in new equity in 8 weeks and how he get's access to that equity within 8 weeks as well. Website: http://www.fieh.ca Facebook: http://www.facebook.com/fieh.ca Instagram: http://www.instagram.com/fieh_matt SUBSCRIBE: http://www.youtube.com/subscription_center?add_user=UCdRtqnqBSq4GY7DGiYICu5g BRRRR was originally coined by Brandon Turner from https://www.biggerpockets.com (Matt's profile: https://www.biggerpockets.com/users/MattMcK). BRRRR stands for: Buy Renovate Rent Refinance Repeat. (That's also how Matt will format the remainder of this series, for example Part 2 will focus on the strategies and tactic's he used to purchase this property for 22K under asking! This property is located in the old east village in London Ontario. Which is a neighbourhood that is currently seeing significant changes in demographics and home prices . It's attracting several new businesses to the area such as Anderson Ales a brewery which opened in August 2016. (www.andersoncraftales.ca) and also attracts business that are committed to the neighbourhood like The Root Cellar a farm to fork restaurant and nano brewery. (www.rootcellarorganic.ca) When it comes to real estate, you (or someone on your team) need to know your market and your neighbourhood! Matt purchased this front to back duplex in July. The front unit is a 2 bed 1 bath that was rented out for $650 a month, and the back unit was a 1 bed 1 bath that was rented out for $500 a month. Matt purchased this property for $110K and plans to spend 10K in strategic renovations, these renovations will allow him to increase the rents to $850 for the front unit and $700-750 for the back unit (an increase of at least $400/mo in cashflow!). Using an improvements plus mortgage the bank appraised the after renovations value of the property to be $150K! which is an increase in equity of 30K over Matt's cost (excluding holding and closing costs). In Part 2 of this series Matt will show the exact strategies he and his realtor, Jeff Wybo, used to acquire this property for 22K under asking in a neighbourhood that is now starting to see properties frequently sell for above asking due to multiple offers. Be sure to subscribe to my YouTube channel! If you believe I'm providing you with valuable content - please like my videos and be sure to leave me a comment in the YouTube comment sections - I promise to respond to you! As always, remember, making money is a team sport, there's more than enough of it, for us to all make it - so let's go make some money!

Comments

1. hey Matt, just found your channel from a friend who is a fan of Bigger Pockets I am currently in Orillia Ontario, I'm fairly novice at the BRRRR process and real estate in a whole. do you only purchase in the city you live in or have you considered buying outside of London?
2. Hey man. Do you have a job? If not, how are you getting these loans so easily?
3. Good stuff Matt. What do you use for video editing?
4. What's the stigma?
5. Yeah I'm addicted to watching Bigger Pockets on YouTube!
6. Great video, keep up the awesome info!
7. Just bought my first this week - need to figure out where to focus that reno budget to get the most bang for my buck!
8. Very informative - both for local investors as well as anybody itching to implement the BRRRR strategy. With information like this available online, and local investors willing to share their hard-earned knowledge, there's no excuse for others not to get out there and start investing!
9. Awsome video Matt! LOTS of value, and easy to follow.
   I'll definitely be passing this along to any London investors I run into to teach them about BRRRRing, and what's possible in London :)