My First BRRRR! With Pictures!

214 Replies

Great job!!!

Great job!!!

Congrats Cam and the property looks great! Now onto the next one!

The house looks great. Congratulations! Dealing with families that have just lost a relative can be difficult. You obviously handled yourself in a respectable & honest way, otherwise they would've shut you down almost immediately. Keep moving forward, your snowball is gaining momentum!

Amazing story and bargaining story! This is the first of many I am sure!! You've caught the bug! Make sure you capture all the moments for your little one. Congratulations on your success :)

@Cam Jimmy Congrats on this first BRRRR. Smart using a portfolio loan so you dont have to season it. Once you get it rented out you will be addicted to the cashflow especially if you can aim for middle to upper rents.

@cam jimmy, totally understand  you when you said, i probably  wont do all the work myself in a rehab. I myself been doing a rehab on my second  flip, been working so many hours a day after my full time job, 4 months already, sometimes it is frustating but in my mind all i see is that house completed.

@Cam Jimmy great study! Your very inspiring! I have contracted out most of the work at my properties but I am starting to learn how to do some things... thanks to YOUTUBE! Thanks for sharing your story! 🙏🏽
@Cam Jimmy great job on the rehab and adding a ton of value, you guys did an awesome job. Just curious why you’re deciding to rent this place out instead of sell as a flip? While it’s awesome you captured a ton of equity in the 67k, it’s hard to imagine getting a strong enough return from cash flow on that equity to justify holding a 2BR. While I admittedly don’t know your market or your investing strategy, it’s hard to imagine achieving the 1% rule of $2,200 a month in rent for a 220k ARV on a 2BR home. If you were to cash out at 75% LTV, even at nearly 1% of all in cost of say $1,550 a month and say maybe $200 a month in cash flow, that’s less than a 4% return on equity. In other words, I would personally look to flip the property to avoid the opportunity cost of not using that 67k for a better cash flowing property with a higher return. Just playing devils advocate here and maybe provide you with some feedback to re-evaluate strategy. No matter what, building 67k in equity is an incredible feat that I commend you for. Keep at it

Great work and thanks for sharing! Love hearing about others creativity and success!

Wow! Good job! This is an inspiring story. Where did you learn to do all the work that you did? 

I would be interested in doing this just to learn to do a lot of things. Love learning. And to see your work be completed is so rewarding!

Great work @Cam Jimmy .  Love how you found a solution to get the capital.  It's a great story of resourcefulness and hard work to be proud of.  Way to see it through!  

@Cam Jimmy Thats great to hear I am getting my mother started with a BRRRR for her retirement. Keep it up
@Cam Jimmy Vert impressive work you and your wife have done with this property. Wishing you guys many more success and Congratulations on baby on the way! #OnToTheNextOne

@Cam Jimmy Outstanding job on this property and all the work that you did! Thanks for sharing your success story and what you learned from it.

Wow, Thanks everyone!

@Brian Dennis I paid labor costs on big ticket items listed in my original post only. If I was to guess the amount of labor I would have paid for what I did..I'd say $20,000 more. In that case, flipping would have been the way to go with this one instead of the BRRRR

@Lien Vuong Thank you.. and Excellent LLC name By the way :)

@Martin Zavala Definetly Man, Keep thinking of the end game!

@Bill Goodland I hear you man... If I was to sell at appraisal amount, I'd have to pay $20k just to realtors and closing costs. and on top of that, I'd have to pay taxes on the 47K in profit after that. Since my wife and I work full-time I'm sure we would have to pay a crap ton in taxes.  I'd rather rent the place out for a year and 1031 exchange this house into a fixer upper duplex/tri/4-plex. This is my reasoning for least for now. However ive been brainstorming this for the last week or so. There are just so many paths I can go with this. Thank you for the feed back. Much appreciated.

@Alvin L. Thank you. I went through an apprenticeship and was around other trades. picking peoples brains, and Youtube. Also trial and error lol. Yes it is very rewarding...but very hard work.

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