Have you heard of the BRRRR’nb method? Well, it has helped today’s guest achieve financial freedom in just one year and grow his portfolio. Blake Dailey is a multifamily real estate investor as well as an Air Force Contracting Officer. He used the BRRRR strategy to buy, rehab, rent, and refinance residential properties, and then rent them out short-term using Airbnb, which is where the ‘nb in BRRRR’nb comes from!
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In this episode, you’ll hear more about BRRRR’nbs, how many units it took for Blake to replace his W2 income, and why he is branching out into commercial multifamily, as well as how he finances and manages his short-term rentals. Blake also shares some of his biggest hurdles and his advice for building your investor base, preparing for a downturn, and finding partners with aligned values. All this and more in today’s episode, so make sure to listen in!
Key Points From This Episode:
- What Blake means by “full circle” and a bit about his background and his first BRRRR’nb.
- Blake describes what it has been like going through the process with his wife.
- From the first deal to financial freedom; how many units it took to replace his W2 income.
- Find out why he is branching into commercial multifamily instead of short-term rentals.
- How Blake finances all his short-term rentals through creative financing and relationships with local banks.
- Learn how Blake and his wife went from self-managing to bringing on a property manager.
- Blake’s goal to eventually start syndicating deals and doing larger commercial multifamily.
- Knowing what he knows now, he wouldn’t have done anything differently; it was all a valuable learning experience.
- Why you don’t need a true vacation rental market to have a good short-term rental.
- One of the biggest hurdles getting to his first syndication was building a network of brokers.
- Things that helped him build his investor base, like finding his discourse community.
- How Blake prepares for a potential downturn: ensuring his short-term rentals will cashflow as long-term rentals if necessary
- The value of conservative underwriting and Blake’s predictions for the next six to 12 months.
- How the military and an athletic background helped him foster a high level of self-discipline.
- Daily habits that have helped Blake achieve success, like turning off his notifications.
- His best source for meeting new investors: social media, specifically LinkedIn.
- Blake attributes his success to partnerships; find partners with aligned values.
- How he likes to give back by volunteering for good causes.
[bctt tweet=”In a pretty short amount of time with a low number of units, seven units and three long-term units right now, we’re at our financial freedom number, which has replaced my W2 income. — Blake Dailey” username=”whitney_sewell”]
Links Mentioned in Today’s Episode:
About Blake Daily
Blake Daily is a multifamily investor interested in long-term wealth creation and helping passive investors achieve returns that can fuel their lifestyles. He focuses on syndicating larger value add or multifamily acquisitions, and he has experience with wholesaling, short-term rentals, and BRRRR. He is also an active duty Air Force Contracting Officer.
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