First BRRRR Complete

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First BRRRR Complete

Brian Oberg
Elizabethtown, KY 路 Member since 2020 路 30 posts 路 22 votes

First BRRRR complete, here are the details:

Purchase: $110,000

Rehab & Expenses: ~$75K

ARV: $202,000

Loan: $151,000

Rent: $1595

Cash Flow: ~$410

Learned a lot about permits, costs, SOWs, project management, long distance purchases.

In the end, will turn out good, but left more in it than I expected.

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Morgan Putnam
Real Estate Agent 路 Omaha NE 路 Member since 2020 路 4 posts 路 5 votes
5y

Excellent work! It's important to learn as much as possible with each new investment type. Will you do a BRRRR again?

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  • Nicholas L.Pro Member
    Flipper/Rehabber 路 Pittsburgh 路 Member since 2018 路 6k+ posts 路 5k+ votes
    5y

    @Brian Oberg congratulations!  Seems like a double or a triple to me =)

    Any major lessons learned, anything you would do differently?

    1Reply
  • Morgan Putnam
    Real Estate Agent 路 Omaha NE 路 Member since 2020 路 4 posts 路 5 votes
    5y

    Excellent work! It's important to learn as much as possible with each new investment type. Will you do a BRRRR again?

    1Reply
  • Gee Thor
    Member since 2021 路 2 posts 路 0 votes
    5y

    Whao! Thats awesome and very inspiring to me! Also , thanks for the insight! 馃憤

    0Reply
  • Account Closed
    South Jersey 路 Member since 2021 路 117 posts 路 77 votes
    5y

    Congratulations! Good work. On to the next one.

    1Reply
  • Brian Oberg
    OP
    Elizabethtown, KY 路 Member since 2020 路 30 posts 路 22 votes
    5y

    @Nicholas L. Great question, yes, couple of major lessons learned.  1) Spell everything out.  With your SOW, ensure you included everything you want and not just assume that is it included.  (i.e. Bathroom vanity / sink, ensure you include the mirror, lighting, faucet, ect. / kitchen islands with or without electrical outlets, ect.)  With your Project Manager, ensure you spell out everything you expect them to do versus what they think they will be doing (i.e. how often to provide updates, pictures vs videos, coordination of appraisals, etc).  2) Request copies of everything, permits, engineer drawings, invoices, ect.

    0Reply
  • Brian Oberg
    OP
    Elizabethtown, KY 路 Member since 2020 路 30 posts 路 22 votes
    5y

    @Morgan Putnam Absolutely going to BRRRR again, just looking for the next great deal. This last one took about 4 months to find, but in the end was worth it. Just need the right area, with the right team.

    0Reply
  • Kuriakos Mellos
    Member since 2020 路 133 posts 路 90 votes
    5y

    @Brian Oberg starting the process is the biggest step forward. Congrats. 

    0Reply
  • Eric GoldmanBusiness Member
    Lender 路 PA 路 Member since 2019 路 359 posts 路 192 votes
    5y

    @Brian Oberg was this an out of state brrrr?

    484-574-4878
    G2loans- Investor and Commercial Mortgages531 Reviews
    WebsiteView Page
    0Reply
  • Brian Oberg
    OP
    Elizabethtown, KY 路 Member since 2020 路 30 posts 路 22 votes
    5y

    @Eric Goldman It was, that definitely complicated the process.  Still learned a lot though and will pay off in the end.

    0Reply
  • Eric GoldmanBusiness Member
    Lender 路 PA 路 Member since 2019 路 359 posts 路 192 votes
    5y

    @Brian Oberg. Its all about the process! rehabs are hard enough to manage, even down the street! 

    484-574-4878
    G2loans- Investor and Commercial Mortgages531 Reviews
    WebsiteView Page
    0Reply
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