My First BRRRR! With Pictures!

214 Replies

@Cam Jimmy - this is amazing and so inspiring! I'm looking to purchase my first investment property out-of-state while also working a full-time job and I'd love to talk to you about your experience and any words of wisdom you might have more. Let me know if you'd have 15 minutes for me to pick your brain over the next few weeks. :)

CONGRATS!

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Great job - Quite the transformation! You did a great job. I'm sure it will get snapped up as a rental...What do rents on a place like this go for in Anchorage, Alaska?

Way to go Cam! What a great testimonial of creative financing, capitalizing on the opportunity with respect of being honest and up front with the estate owners, and the perseverance to get your first BRRRR up and running! Love the before and after pics too! Keep up the good work!

Thanks for sharing the photos and the story. Did you use a national back for the refi or a local bank?

Wow this looks great. What type of full time position do you have? Does it involve in RE or construction? 

Congrats! Was it hard to get the refi without a tenant? Just wondering if the lender would have wanted a tenant in place first.

@Raquel Morales The biggest lesson I learned would be, Not to do most of the work myself. It was very hard on my body, and is not scale-able.

@Chris Rosenberg Thanks. No bath fitter. I have a brand new tub from Lowes, Along with the "sturdi-fit" tub surround from home depot. Then simple caulking the joints. I did not hire this out.

@Nadia Last Thanks! Feel free to contact me Via PM here on biggerpockets!

@Gloria Sheridan Thank you, Id say low end ones in this neighborhood would rent for $1200, and higher end/new remodels go for 1600-1700.

@Brian Dennis I used a local banks portfolio loan program, Thats how I was able to refinance before the 6 month mark

@Bartosz Rosol Thank you. I went through a local apprenticeship for low voltage electrical work (telecommunications), where I worked side by side with electricians, and other trades. I would pick their brains all the time when I would do my own projects, and just learned a lot over the last 10 years. Also Youtube is an excellent teaching tool! 10 years ago I wouldn't have been able to tell the difference between a wood screw and a sheet metal screw... and now I'd say I'm pretty good at everything construction. The biggest thing I need to learn how to do is to hire people out though. This really takes a toll on your body especially while you are working another full-time job.

@Cam Jimmy Wow that’s awesome. I didn’t even realize Home Depot sold a product like that. Good to know. Thanks. 

Thank you everyone! I'm sorry if I missed a question, I had no clue I'd be getting this kind of feed back lol!

@James Yang Thanks! Yes it was kind of difficult, but my debt to income is excellent as I have no consumer, school loans,  or credit card debt of any kind. With mine and my wifes income, we were able to qualify with no tenant. 

@Cam Jimmy nice job!!! Very inspirational and a great creative funding solution with your dad. Will he loan me money, hahahah!!! Just kidding.

@Cam Jimmy you've done a great job. Botj exterior and interior look great! Congrats!

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Just a little advise from a rental investor of several houses......the hassle of getting the rent along with renters that don't treat the property as they should.....and yes did I mention eviction process it gets costly by the time they get out your 3 or 4 months behind.....for all the work you did you be better off just flipping it.....my Husband and I have done this rental investment for the last 16 years it's not at all what you think and we do all the work ourselves except for the big-ticket items.....of course, we are from upstate New York maybe you have a better area to pick different tenants.....we also did a few flips if we had to do it over that's the way to go......good luck in your new adventure wish you well....it's hard work.....PS we are getting rid of them one by one....

So just to reconfirm: you used cash from the HELOC to cover the purchase and rehab materials? Since you did all the work there was no labor cost in the rehab. Do you have a estimate on the labor cost?

Fantastic, very inspiring story and photos---way to go!  Best of luck on the next one.  

Awesome job flip that bad boy and move to your next project.

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