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.

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BRRRR was originally coined by Brandon Turner from https://www.biggerpockets.com (Matt's profile: https://www.biggerpockets.com/users/M....

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.

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