My First BRRRR! With Pictures!

214 Replies

Jimmy, 

Congratulations! Very inspirational. You are creative, determined, and a hard worker... you got  it!! Can't wait to see what else you do. I want to also do a brrrr. This is helping me a lot.

Thank you, and good luck with your kid. I have two (teens now). It is the best thing in the world.

Originally posted by @Cam Jimmy :

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 renting...at 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.

That makes a lot of sense man. I actually like that strategy a lot of BRRRRing an SFR because rehab upgrades add so much value, however when you do that you build so much equity that rent to value may not be there anymore. But if you can 1031 that equity a year or two later into a higher return you get the best of both worlds.

Just curious, since you rehabbed everything to begin with, did you seem to notice that the upgrades finishes weren’t even that much considering how much value they add? I know it’s a controversial topic and wondering your take from the experience.

@Cam Jimmy This looks really great. Did you consider, maybe having more counter and cabinet space in the kitchen, where you took out the wall? Maybe it’s the pictures, but it looks like you have no practical prepping space the way the kitchen is laid out.

@Cam Jimmy It looks great and you did a great job! I love seeing these posts they are my favorite. But can I ask why if you intended for this to be a rental you put such high-end finishes on everything?  It looks great and I would be drawn to renting it because of how good it looks. But doesn't that cut into your CAPX? I have never done a deal so I am just curious. 

Looks great!!! Totally transformed home. I'd want to live in it now. I'm impressed at how much ya'll got accomplished in that time frame. And congrats on the upcoming addition to your family, your life will change A LOT!!! Thank you for putting in the time to document your BRRR for the rest of us as well.

@Cam Jimmy looks gorgeous! You absolutely killed this. Great job! Did you have the bank REFI lined up before you purchased the home or did you find a bank during the rehab process or did you wait until after you were finished with the rehab? I’ve always wondered when BRRRR investors get that refi lined up because it’s a scary prospect being left with a higher interest loan for an extended period due to difficulty in finding a bank to refi you out.

Thanks for sharing Cam! Nice job on the reno. The house looks great. I also like how you disclosed how you funded the deal with the HELOC and the business savviness you had with your Father to secure it. I just closed on a 2-unit myself that I plan on doing my first BRRRR on so I truly appreciate you sharing this.

@Cam Jimmy it looks so much better than what I was expecting.  You should be super proud and super confident for the next one.  What an incredible transformation.  Inside and out.  Excellent work man.  I can't wait to be sharing a story like this.  I just put an offer on two different properties yesterday.  Congrats on everything man.  

Question - How long did it take from start to refinance?  I've heard that some places want you to have the house for 6-12 months in order to refi.  I'm hoping that doesn't apply if you paid cash.

Thanks!

Kevin

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