First BRRRR Complete

10 Replies

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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@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.