My First BRRRR Property Successfully Completed!

84 Replies

@Morgan Nilsen I can definitely drink a beer to that!  Haha.  Thank you for the kind words! 

@Shannon Keating I completely agree!  I believe being a Realtor helped cultivate many of the strong relationships to help guide through this transaction. Working with great people makes everything easier!

@Harry Metzinger @Brandon Turner I sure will.  The latest rate from talking with the bank yesterday was 4.9% 5yr fixed amortized over 20 years. Once I find a tenant we will lock it up. It's the same bank that funded the purchase as well. Very small community bank. Flooring is Allure Vinyl Planks from Home Depot. $2.09/ft and the sub charged $1.10/ft to install.

Originally posted by @Paul A. :

@Stephen Hundley , Great thanks! What department would you even call? Tax Assessor the city? Is that who publishes the list? 

Congrats again!

 I think every state may be different.... here in Hillsborough County  (Tampa, Fl) it is listed once a month (30 days prior to sale) on our Clerk of  the Circuit Court site.... 

TThere are bidding lists, and if no bids are placed (which happens every Thursday) then it is placed on the "Lands Available List"... of course itnis more to it, but this is pretty much the basics...

I was looking into this is one of the many ways of finding properties, but this takes a ton of research and due diligence...

Originally posted by @Stephen Hundley :

Thank you @Robert Leonard ! It feels even better meeting more of the neighbors and hearing the gratitude for getting the sellers out and making their neighborhood a safe place again!

We had a similar situation with our first flip. It was an REO. After we bought it the neighbors told us about the drug dealing owner and they were very happy we were fixing the place.

Congrats on a successful investment.

Congratulations! I'm working on my first BRRRR at the moment and it is motivating to see yours went so successfully.

Clever strategy for using the tax list to find a desperate owner and go through a more typical closing instead of trying to buy it at auction.  I didn't look into it too much, but it is my understanding that getting clear title is still a challenge in the new system for property tax auctions.

For those of you not from Louisiana, the state implemented a new system this last year for dealing with properties with delinquent taxes.  The new system was supposed to make it much easier to get clear title, but the rumor is there are still hiccups.  My area, NOLA, the list was published on the website for our local paper, though I think it was also available through the assessor's office.  80-90% of the properties listed in NOLA were vacant lots.  In addition, any property on the list had delinquent taxes for many years...I think it was at least 3.

Great job, Stephen! I am in the middle of closing on my first deal I actually got in an auction and as soon as I close, I'll start with remodeling it. One question I'd like to ask you, since I am barely getting started, is: Where could I find the list of unpaid property taxes in my city?

That's an awesome deal, Stephen. Big congrats. You mention that the monthly note will be $900. How did you come up with that number? I thought the loan was $70k+27k and 4.9% at 20-year amortization, which would come out lower than that.

Thanks.

@Michael Le the mortgage will be much less than that but I am factoring in taxes and insurance which brings it to a total of $900/m all in.

@Crystal Aasir Great question! We are more focused on building long term wealth and it will be very difficult to find another deal this good.  I'm fortunate to sell enough real estate to keep money coming in and the bank is sitting on the sidelines ready to fund a deal at any time so I didn't have as much of a need for the proceeds as I did monthly cash flow and building long term wealth.

Boom! Love it. Great success. Did you do laminate or hardwood? I am from California but just helped a friend renovate one in Florida. Bought it for 64K, put about 13K in renos, rented in 2 days after we advertised it for $1,200.00. I love the look of your renos, specifically the bathrooms.

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