First BRRRR complete, here are the details:
Rehab & Expenses: ~$75K
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.
@Brian Oberg congratulations! Seems like a double or a triple to me =)
Any major lessons learned, anything you would do differently?
Excellent work! It's important to learn as much as possible with each new investment type. Will you do a BRRRR again?
Whao! Thats awesome and very inspiring to me! Also , thanks for the insight! 👍
Congratulations! Good work. On to the next one.
@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.
@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.
@Brian Oberg starting the process is the biggest step forward. Congrats.
@Brian Oberg was this an out of state brrrr?
@Eric Goldman It was, that definitely complicated the process. Still learned a lot though and will pay off in the end.
@Brian Oberg . Its all about the process! rehabs are hard enough to manage, even down the street!