The Bulletproof BRRRR in 2026 (Buying One Tomorrow!)

23:12It's better than just buying traditional. So what are you doing when you buy that$240 ,000? Are you adding bathrooms? Are you adding bedrooms? Or is it kind of inside the walls work? It's all inside the walls. This one happens. And I like that too, right? If you can avoid major permanent work and delays, I like stuff that I can, you know, I value the time of my money. So if I could turn this project in 30 days, which I know that I can, the work is as such. So I'm already proactive. I've already walked it because I got in the asset. It's very important not to really buy side unseen. I always encourage people to get in it, video it, tape it, get your contractors in there, get some numbers so you have definity going into the project.

23:50You don't want guesswork. Sometimes it's hard to see when we're buying these hoarder houses. Those are some of the best too. But there's, of course, risk because if you have all the stuff all over the floor, there could be major foundation that's hidden. So you have to pencil that in terms of cushioning and deal. This particular asset, the floors are probably 25 years old. They stink from the cat urine and feces. The cabinets are original to the home. There's popcorn ceilings and old lighting fixtures. But once you get through that dust, it's a must to buy that house, right? You got to get in there, clean it up.

24:20So we got paint, we got texture, we got floors. We'll do it. There's already existing fireplace. I'll do cabinets, what I call like for like. We don't have to do major design. These are not like, hey, bring in your Megans and all these people to do your stuff. This is like for like remodels, upgrade windows, like for like bathrooms, tiles, opposed to the plastic surrounds and really just give it what I call a really nice facelift, a full facial surgery, make sure that it's a clean environment. It's a safe home. It's a stabilized asset. what I believe in is spending the money today to save the money tomorrow.

24:51A lot of people have the wrong mentality. They come into, like I said, that band-aid mentality. They just want to maybe put, I see all these people doing LVP over floors or, you know, leaving popcorn or, you know, leaving old fixtures or, you know, fixing some copper on a 20-year-old water heater just to give it an extra six months. The guys and gals are already working on this home. Do it right the first time. Their trip to go back and forth is actually going to cost you more money than getting it right the first time. So come in, do a comprehensive remodel, spend the money to make more money tomorrow.

25:21You don't want to be a slumlord. You want to be a great landlord because if the tenant moves in and they're constantly calling for service, they're likely to move out because they're missing time off of work to let people in. It's an inconvenience. So serve a five-star product. If you look at Yelp and those things, it's not just about the food. It's about the service, communication, all the factors on these burr houses. You want to think about all of them. Some people are hard to focus. If I have a nice house, but I don't give good service, forget about the tenants. That's the wrong mentality.

25:49If you treat and retain these tenants that are coming in like your family, like your mom or sister or brother or wife, you're going to treat them well. They're going to see and feel that. And they're going to refer you to other tenants so that you can rent your houses out faster and continue to get those referrals, less time on the market, less commissions paid to other agents because you're vertically integrated so again in summation on this home this is going to get all new tile and i don't do lvp i'm doing tile because again legacy properties i plan on these for a long time it's not like hey let's just make this look good put some lipstick and sell it and then it's going to wear off with a little rain no these things are built for durability and time tested so when the tenants move out i can simply i'm not doing carpet by the way i'm doing all tiles so i can clean the tile, have a faster transition.

26:35I'm not spending money on new carpet or anything else and making this thing timeless, durable, beautiful, have that emotional renter appeal and executing. That's the game. Yes. That bulletproof rental, right? Like, you know, because what kills investors is the maintenance and the repairs. And what you touched on is really, really important. When you're looking at a house, you can't force the numbers. It either needs the work or it doesn't need the work. And when people try to make the numbers work and they're like, I can squeeze a couple more years out of that roof. Well, when you have to replace that roof, that's going to be $8 ,000 to$12 ,000, if not more.

27:13And all of a sudden that's$8 ,000 to$12 ,000 that just ate up your equity. It ate up your cashflow. And that's what you can, you all of a sudden you have this massive liability that you're feeding and feeding and feeding for a hundred dollars a month in cashflow. And so you've got to do an accurate scope of work. And I think what you talked about is really important. You meet the contractor there, right, especially for new investors. Don't guess. Don't go off of the wholesaler's performa. Don't go off of what Zach's numbers are or what my numbers are. Meet your contractor there because the key to the BRRRR is to make your rental bulletproof so at last your maintenance cost is paid for, your roofs, your hot water tanks, your furnaces, your appliances.

27:56Those are things that last three, five, 10 years. You want those in the deal up front. And then if you're making your$100 a month in cash flow, the upside's actually there because you have equity built, you don't have a liability you're feeding, and the upside is only gonna go up. With rates going down, as the market could go up, these are things that you can explode your wealth, right? And that's where everyone's sour. 27 % of people are buying less houses because real estate doesn't work anymore. But it works if you underwrite it and look at it correctly. Those 27 % of those people, a lot of them were using what I call hope is a strategy.

28:34They're hoping for appreciation. They're hoping that that roof doesn't leak. They're hoping that the AC lasts a couple more years. What we're talking about is being hyper conservative. We're not hoping for anything. We're actually projecting worst case scenario, which is really important to be conservative. I see a lot of investors, they'll leave an existing tub that looks good in a full remodel versus pulling it to put a new tub in for$150 and scoping the sewer. Because you know how much more expensive it is when those landlords come in and the tenants are there and you have to pull the floors and pull the tub and excavate and break concrete because they didn't check for one simple thing and run a camera through the plumbing?

29:10That's crazy. They're hoping that the plumbing is good versus knowing definitively that, you know, they don't have to replace the plumbing or they do it before they start laying all the tile and it doesn't cost them$10 ,000 in the future and kill them with their capital reserve. So I think that's a great point of, you know, putting a 10 % reserve for unknown expenses, being conservative. And guess what? If you come in and you don't need any of that, that's additional ammunition for your next project or anything else. You want to be conservative. You hope that the market's good, but you're not using hope as a strategy.

29:39You're using fundamentals. What we're talking about is buying right, having all that equity as liquidity for the future and your profitability. That's key. We're stopping one more time for a quick break. When we return, more from Zach Keeps.

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33:03Welcome back to the On The Market Podcast. Let's continue. So this deal you bought,$240 ,000, you're putting$50 ,000 into the renovation, and it's worth$375 ,000 to$400 ,000 roughly? $360 ,000 to$380 ,000. I'm conservative, so just say$360 ,000. Run those numbers. $360 ,000, so you're creating$70 ,000 in equity. You know, and so for your typical investor, right, you have 300 rental properties, you're using a little bit more of your cash, your equity, sometimes you use private financing. So your typical investor has to buy that with a construction loan, right? You come in, you buy that property, you take a loan out for 80 % or 85 % of the total project cost of the$290 ,000.

33:45So you got to come up with roughly$50 ,000 to do that deal. The lender is going to refinance you back your construction costs. And once you're done, you're going to refinance into a conforming rate. Or, you know, right now, a lot of investors are using DSCR loans, right? Where it's the debt coverage ratio loans. And they can then refinance that back out, get all their cash back, create the$70 ,000 in wealth. But then the numbers on this, you know, for everyone that says burrs are dead. If you take out a loan at$290 ,000 with a DSCR, at a 6.5 % rate, your payment is$1 ,833 a month. At 6.75, you're$1 ,881.

34:277 %, you're$2 ,000. Then you got taxes and insurance. But what are you renting that house out for again? I will get between$2 ,400 and$2 ,500 conservatively for this home. $2 ,500. So after all expenses, you're going to be making$100 to$200 a month with no cash in the deal. Correct. That is the definition of a BRRRR. Now, if you were buying that property 18 months ago, would you have bought that property for$240 ,000 or is that more, right? That's where the opportunity is right now. Like we've seen a dip at least in acquisitions where we're at least 10 % to 15 % lower on this thinky value add.

35:03Now, the turnkey cleaner grandma's houses, we're competing against end users, different types of investors that don't have any value add, so they're paying more. but for the beat up homes, we're seeing good discounts in today's market. Like we're buying them cheaper than we were buying them 12 to 18 months ago. And the interest rates are still the same as what they were for us 12, 18 months ago. So yeah, what blows my mind is why are investors not buying when they were buying 12 to 18 months ago? I think a lot of them, that's a great point. You're exactly right. That home. If I bought 18 months ago, I probably would have paid two 65 to two 70 for that asset.

35:40and now I can buy it 10 % cheaper, which is significant. Just because a lot of these investors, they're only using, and I think it's important to have a hybrid strategy, right? We didn't talk about it, but I don't just have one strategy. It's important to have multiple strategies and diversify your investments. So if you can sell and make cash, you're never gonna go broke by having a profit. And a lot of times when you're flipping, you can take those profits and buy more BRRRRs and retain that or find new opportunities. You constantly wanna be moving money, obviously, other than your long-term whole portfolio.

36:08So it's important that you can exit some of those deals. But the investors that only have one strategy, which is just flipping, their time on market is longer. Interest rates have crept up. So their holding costs are longer and they have no other source of income. They don't have that income from their BRRRR portfolio or equity that they've created that they could tap into for more opportunities. So essentially, they're stuck. They're not refinancing it. They could look at some of those people should look at potentially BRRRRing that. Does that home that they anticipated flipping, does it work as a rental?

36:36Could you just turn around and retain it and have that long mindset, that delayed gratification mentality, and then cash it out and go on to new opportunity? Some people need to think about they're only fixated on one exit. It's important to every deal, for me at least, to look at every deal and say, hey, is there multiple exits? And by the way, even if your intent is not to rent it, but you put it out to flip and you have that rental service say, hey, someone calls you as a potential buyer. Like, well, I'm going to, you know, I see you're asking 360. It's been on the market now 60 days. It's delayed.

37:08I'm going to offer you 320. And then you say, because you're leveraging the fact that you're dual exit. Well, I have a tenant that I have an application that I'm processing. And I say, oh, shoot. Okay, well, I'll come up on price because it creates that demand by default by having traction on that asset. It's a really important strategy to get people to, one, if you're going to flip to maximize your value and vice versa. If you have a tenant like, oh, I'm looking at another rental property. We'll have a potential buyer. So I really need to know. So that forces those decisions and demand on that asset.

37:38Even if that's not your full intent, you should evaluate multiple exits to maximize the yield on that single home. Yeah. And that's that low. I call it the lowest flip because there's multiple exits. If you're buying some of the stuff I'm buying right now, right, where I'm paying 800. You're not renting that out. I just paid 2.8 million for a flip. But, you know, and the only reason I shop there is because that's where the best deals are. I have no desire to buy a bunch of$2.8 million houses. But if the math works, it works. And if I can build in a bunch of contingencies and still make profit at the end of the day, I will look at that deal.

38:15But that is not a low risk flip. That is, you got a lot of capital in the deal. You can't rent that thing out. And, you know, and that's the strategy when people get nervous about it, then switch over. Right. That's why I'm starting to explore Arizona, because I want to buy in the Peorias for$240 ,000. That deal you described, I will buy all day long. Correct. You buy as many as you can of that, for sure. It just makes economic sense. It hits the four pillars. You're sleeping better. The problem is, respectfully, like your$2.8 million deal, your Laguna$10 million, you probably could lose a little sleep overnight.

38:50I know you've been busting your butt for the last year, but you're probably thinking about the contract or what's going on, the cost of capital, the per diem expense. For me, with a diversified portfolio of lower income stuff, I can immediately, you know, get somebody in there and get it rented out if it's not selling. So, you know, I would venture to say, and I'll ask you the question instead of speculate, would you rather own twenty four hundred thousand dollar houses in terms of ARV versus one eight million dollar flip? Or would you just do the eight million? Of course. But, you know, I'm a pressure makes diamonds guy.

39:22So I do well when, when, uh, I got a lot of pressure on me and yeah, and I just go where the opportunities are, right. Cause there's, there's different engines that we always look at flipping development, rentals, apartments, lending, you know, we, I like to have a, like a pie chart of income coming in. So, you know, no matter what's going on with the market, a couple of things hit well, some don't. Right. And, and, but what always works is the burr. And that's where I really wanted to bring you on because I kept hearing like, oh, it's dead. I hear this. It's all over. Turn off social media, too.

39:56It's like it's dead. No, it's not. It actually is the most workable that it's been because they're real numbers and you can create real equity on that. So, Zach, for someone getting started, like how did you find that deal? Right. You're the Zach keeps Arizona. People know you like to buy them down and dirty. Like, how did you find that deal? And what's the best way for people to go find a deal just like that? One, you got to be ready. You got to be knowledgeable. So if someone brings in, I'll teach you how to cast the net to attract that opportunity, but you also have to be knowledgeable. So if you're just getting into this, I recommend finding a James or a Zach in your market and trying to emulate what they're doing.

40:32Go out. We're always open books. People could see our projects and whatnot and try and understand before you're putting your hard-earned money and$240 ,000 in a deal, get a full comprehensive basis for that asset. Go drive the home or pull up in tax records, all public record. What's James buying? What's Zach buying for this bird portfolio? And understand, okay, he bought it for$240. How does he only put$40 or$50 into it? What are the improvements? It's a copy and paste. There's abundance of deals for everybody to win. That's what's beautiful about real estate. It's not like, well, there's only a few opportunities.

41:02Everybody can win. There's a huge seats at our tables anytime and you're always welcome to join. The point is understand the game. So when that opportunity hits you in the face, you're ready to execute. People want definity. So when it comes, you got to be ready to move fast. So it's like I say, when people go to the casino, you don't just sit down at the a hundred dollar blackjack table and not understand the rules, understand the rules, watch the fundamentals, learn from James and all these guys online that are doing it. See it firsthand. Do these are investor walkthroughs to understand, okay, now when I see that next deal, I'm ready to execute.

41:32I'm not going to hesitate because hesitation will cost you the deal. These deals move in seconds, minutes. So what happens is I, number one, project. I'm always on social media. I'm the same way I am right here. The same way you are on TV, which I love authenticity, be authentically yourself and say, Hey, I'm Zach. I'm looking for my next, you know, buy and hold in any of these areas. If you're a wholesaler, if you are an agent, call me, I'm ready to go cash ready. People want someone who's motivated, who's definitive, knowledgeable, and ready to execute, be that guarantee. So I projected, I'm always, title companies are a great resource to call the different title companies that are investor friendly and tell them, hey, do you have any wholesalers you can introduce me to that have opportunities in any of these areas?

42:15They would love to do it because they want their deals to flow. If they have an escrow and they don't have a buyer, they're losing that money. So they'd be happy to connect you. Do an event where you're inviting people. It doesn't have to be a lot of money. I did hikes and said, hey, come on out and meet me. I'm going to have other investors there. That's collaboration, collaboration over competition. So do something that's unique to you. If you're a bowler, if you like ice skating, if you like racing cars, create a little event to invite the top wholesalers and agents in the areas that you want to buy, aggregate them in a room, shake their hands.

42:45People want to do business with people that they know and feel comfortable with. You shake enough, the more hands you shake, the more money you make. It's a fact. So be authentically yourself, shake those hands and the opportunities will come. And when they come, you got to be ready to pick up your phone, respond quickly. I was working out the other day, this one came. My buddy, who a friend of through the title company, introduced me to this guy named Ryan. And he said, hey, buddy, I got this deal in Peoria. He sends me over the address and photos. I looked at him literally in the middle of my set working out of the gym.

43:13And I said, I like it. I really love it, but I liked it. I said, yeah, I'm very interested. You can send me the assignment because I want to lock it up. I signed it on my phone in one minute, but I have one contingency. I needed to walk it because again, I love everybody, but I only trust myself. I want it for a quarter million dollars. I will spend the time to walk the asset. I already had it under assignment with the contingency of a 20-second walkthrough. I walked it, put the earnest money, and it's closing tomorrow. So that is literally how that deal originated, how it's executed. Deals aren't just getting created by sitting in your office all day and hoping for opportunities.

43:48You got to get out in the field, shake the hands, get around the people that are doing the deals, and they'll start coming your way. That's just the fact. Title reps are the most underutilized people because they think it's all title and escrow reach out because they need to know who's in their market and they see the transactions going down. Right. And it's a great way to get introduced to wholesalers. So then you get the deal sent to you just like Zach did. But then you have to be prepared. Right. Prepared means you have to be pre-qualified. Like if you're Zach and you're a little bit more experienced, you might have your line of credits, you're set up with your financing, but you got to be set up with the right lenders.

44:21That's a great point. So when the deal comes, you need to know that you can execute. You're just like, okay, you tie it up, you put up your$5 ,000 earnest money, and then you're scrambling to get the money. That's a great point. Make sure that you are collaborating and have yourself pre-approved, whether it's a bank, whether you have a HELOC on your house, whether you already have the cash, which would be the best, or you've got high net worth individuals that you can use private money from. You should actually have two sources in case one falls apart. And I've seen that happen before. So talk to your rich uncle or rich friend or a of a friend to say, hey, I'm doing this and I'd love to partner with you.

44:55What type of return are you looking for? How much is your capital? And then also call hard money lenders in your market so you have two, if not three sources of capital for execution because the last thing you want to do is commit to a deal and then you don't execute and then you're going to be SOL for any future opportunities if you can't perform. So performance is key. Yeah, and you got to have that money available. So get pre-qualified with numerous different hard money lenders, not just one. They call, called you and said, Hey, I can do this for you. You want to get through like the full prequalifications.

45:25Investors forget and they skip the line. They're like, Oh, now I got to get the money. No, you get to get the money before you can buy. That's how this works. But then you have to have the money there for you once you buy and stabilize it. And this is another big thing that people skip, right? When you're buying these properties, you know that you can get bank financing to pledge that to. You can't make a quick decision unless you know these things are in place. And so, you know, you have lines of credits. That's usually going to be like a business line. But, you know, the other things that investors are using DSCR loans, you got to get one or two DSCR lenders pre-qualified.

46:02Get qualified for conventional financing if you're buying single family, right? You can own up to 10 single family rentals. And you have to, like, It is your gum powder for growth to get pre-qualified because that's when you can make that quick decision. You know the deal. You're able to underwrite it. You're able to walk it, verify your costs. You have the financing so you can commit because you know you can pay for it. But then how do you stress test that deal? Your good buddy sent it to you, but that doesn't mean it's a good deal. That's what people make all the time. Oh, so-and-so sent it to me, so it's goodbye.

46:35No. It must be good. Yeah. Listen, I love all my buddies, and they're all good buddies. And you got to walk the house. At the end of the day, unfortunately, you've got to be contingency mindset, which is he sent it, but everyone's human. By the way, people make mistakes. They walked it quickly. They forgot about that foundational crack or the hole in the roof in the back garage that they didn't walk. So it's also a protectionary measure for them because people are human. We make mistakes. So it also covers them. And when they walk it and they're a good friend of yours, I'm sure they're going to say and you can point out, hey, you forgot about this.

47:07and then when you go to buy it, even though you locked it up at 240 and they neglected something probably erroneously and say, hey, I need another 6 ,000 off this deal because you didn't show me this and it wasn't conveyed and they're gonna say, well, I'm so sorry. Yeah, I'll give this to you at 234. So it helps you mitigate that additional risk if you didn't walk it, which would be crazy. I always say this, you don't need to, when you go to Burger King, you don't walk in the kitchen to go have them make your burger to look and make sure it's clean because it's$8. If you take a bite and it's undercooked, you throw it out.

47:36We're talking about hundreds of thousands of dollars. If you're too lazy to walk or drive the deal, you should not be in the business. I drive all of my deals and make sure that they're sound. You want to protect your hard-earned money for sure. So how do you evaluate that property, right? What are the steps, especially for new investors out there? If you misvalue that home, your BRRRR strategy is toast, right? Because you can't get your cash out. If you mis-evaluate your rents, you could be really bleeding out. or your DSCR lender, who's going to finance you based on income, isn't going to give you the money you need.

48:08So, you know, as in your experience, you kind of know the neighborhoods well, like I can drive through neighborhoods and be like, that's worth about that. Like what for new investors out there? How do you like who are the people that are directing you on your rents and your values? Yeah, I mean, just like you say, you never really want to trust a wholesaler, you want to do your own due diligence and slow it down. You're putting hundreds of thousands, if not millions of dollars at risk. And that's a key question. No matter what the deal is in every neighborhood is finicky and different. You could be a quarter mile away from a comp that they're showing you that says it's worth$500 ,000.

48:40So never trust anyone. Slow it down. I literally get on the MLS or Zillow, whatever you have access to, or get a friend that has access to the multiple listing service and do both. I want to call the most recent homes that have rented in that neighborhood. I want to see days on market. So if that home took 342 days to get your 2 ,500, that's going to be a problem. And I'm going to, by the way, you want to pick up the phone. Remember that proactive versus reactive mentality. You're not hoping that you're going to get this number. I want it quantified and qualified through real conversations from today.

49:11So I'm going to look at all the pending homes in that exact subdivision first and say, how much activity did you, there's a model match. I love starting there. Go in the first quarter mile, same sub. What type of activity have you had on this asset? What's the feedback? Have you had multiple offers? Did it fall out of escrow? And by the way, when you make those calls, ask them for more opportunities. Hey, I'm an active buyer in this neighborhood. I want to introduce myself. Thanks for taking the time. I'm asking because I'm looking at a home in this neighborhood. Maybe you could even list it or sell it for me.

49:38So create that strategic relationship with them and give them something in return. But the reality is you're extracting real value from today, real knowledge. I love calling pendings and UCBs to say, how strong is your offer? Are you taking a backup? These are good questions because it really will dictate the reality of what's happening in that neighborhood. If a home goes under contract in two days over there and you're going to do a like for like remodel, that's pretty compelling if the number that you're projecting, right? Or there's three sold in the last month for the number that you're hoping or for more, that's pretty conforming information of what you need to say, okay, that value's there.

50:14Same thing on the reds. Look at the last rentals in that neighborhood or that zip code? How fast did they move? Were they similar construction? Was it the three, two? If the rents are way off, there's a problem. You have to have real tangible assets that have recently traded or they're pending or they're under contract and having the conversations. Don't just assume you see a pending for a number and it shows 360 and you think, okay, well, there's a 360 pending because the wholesaler said there's a pending at 360. When I pick up the phone and I say, hey, how strong is that off? And they're like, well, well, they're getting a divorce.

50:46We're at 290, even though it shows pending at 360. Now I got some solid information. It's not a 360 because that was the only offer. So take the extra steps to truly understand your capital at risk. And hey, is the value really there? You know, what's something you can't just judge a book by its cover. It's the same thing on a pending in real estate. Delve into it, open that book, read into it as much as you can to extrapolate all the critical information to make sure you're making the best decision for your acquisition. Got to verify, right? Property managers, if you're using a property manager, have them tell you what the rents are.

51:21Don't guess, especially for a low risk flip. The broker that could have listed for you say, hey, what can you sell this for? And if you can get that number, I might sell it instead of keep it. They're going to have a vested interest to get you an accurate number. And these people around you can really guide you because the numbers on the papers coming your way typically are to sell the deal, not to put you in the best position. Well, Zach, I want to thank you for coming on. Good to see you, man. Appreciate it. Best of luck. Thank you. Take care. That's it for today's episode of On the Market. Big thanks to Zach Skeeps for walking us through how he's still finding deals and executing the BRRRR strategy after 20 years in business and for showing us that you can still do the deals in today's market.

52:02Make sure you follow the On the Market podcast wherever you get your podcasts. And if you're already listening, check us out on YouTube for more analysis. I'm James Dannard, and I'll see you next time.