Real Estate Rookie 41: Using Hard Money & BRRRR to Go From 2 to 80 Units with Kyle Mack
Kyle Mack was only a senior in college when he bought his first duplex, house hacked it, and caught the real estate bug. Since graduating he’s held a handful of jobs, from retail, to becoming a leasing agent, and even a commercial real estate broker. But that wasn’t what Kyle’s degree was in, he was actually planning on becoming a doctor.
Kyle talks through how he gained the confidence to take on an 18 unit apartment building, not too long after closing on his first property. He also talks about the importance of financing, and how it can help you scale.
Using financing like hard money, credit cards, and cash to close on properties, Kyle has had to think on his feet to get deals done. He walks us through the best way to approach hard money loans, how to have lenders lined up for deals, and what to do when you can’t refinance at the end of a BRRRR deal.
Kyle brings up “imposter syndrome" and how it’s easy to psych yourself out of deals that you can handle. This is a great episode for any new investor who has never used hard money, creative financing, or wants to go from 1 unit, to many.
In This Episode We Cover:
- How Kyle bought his first duplex before graduating college
- How to pivot career paths, even if you’re just starting out
- Why it’s important to do the “hard” parts of real estate, not just busy work
- What a land contract is, and how it differs from seller financing
- Using 0% credit cards to finance materials for deals
- How to prepare your deals for hard money lenders
- How to find great electricians, general contractors, and other professionals
- Why you need to ignore the “imposter syndrome” that can creep up during deals
- And SO much more!
Links from the Show
- Real Estate Rookie Facebook Group
- Ashley's Instagram
- Tony's Instagram
- Buildium
- BiggerPockets Forums
- BiggerPockets
- Zillow
- Moo
- BiggerPockets Podcast
Check the full show notes here: http://biggerpockets.com/rookie41
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