"My internet business was doing pretty well — I was mid-20s making about $200,000 a year, and I thought I would be able to just self-sustain the growth in my real-estate business," Craig told Business Insider.
Using the BRRRR strategy mostly via hard money lenders, Craig has built up a portfolio of 31 residential units today, according to property tax records viewed by Business Insider.
The BRRRR method broken downEssentially, BRRRR investors make a profit by putting in the work to fix up a property.
Craig said using the BRRRR strategy in today's market is riskier than in the 2010s or a few years ago.
Other real-estate investors using the strategy have also cited slower-than-expected work from their contractors, leaving them on the hook for the mortgage payments in the meantime.
Persons:
Adam, Craig, didn't, it's
Organizations:
Business, Rocket Mortgage