Wow great job! And congratulations!!
Looks great, congrats & congrats on the baby on the way!
Is the kitchen split up? The oven area looks like it is across the room on its own.
The old sink and toilet looked re-usable.
@Cam Jimmy Thanks for sharing. I am looking to do my first BRRRR very soon too.
Based on the numbers, I would agree with the others that this is a better flip. I also like you idea of holding for a year to avoid the short term tax. If you can get through a year without refinancing, that could save on the refi fees but you will have to consider the holding costs. You might miss on some opportunities holding it, unless you have other funding methods. Good luck!
@Kent Lau Well my strategy at first was to get all of the exterior items done first, before it snows. Then after that, You must do all of your in-wall and in-attic items like plumbing, bathroom, electrical, etc. Then close up walls, putty, prime, paint. Then finish out electric and plumbing. Then you can start doing finish items like cabinets, flooring, hanging doors, trim, then paint trim, and touch up items. Sorry for the quick explaination.. but you basically have to think what needs to be done as a whole, and you can easily figure out what needs done first. Example: no point in painting the place before you do plumbing, becasue youre going to have to rip out walls, etc.
@Bill Goodland Absolutely yes to you last question. Brand new "in-stock" lowes Cabinets are super cheap and add a TON of value and beauty. Especially when you add nice knobs and handles. I was amazed how cheap the "in-stock" cabinets were. Also if you spend more than $1,500 at lowes, talk to the prodesk, and have them submit your items through QSP ( Home depot version is called the "bid room"). QSP allows you to get the best price on all the items... usuall %5-%15 off of everything. Only as long as your order is $1,500 or more though. Also Costco is THE best place to find nice good priced LED light fixtures...and other items too!
@Leanne J. I definitely considered all options. I've personally lived in 3 houses exactly like this in the same neighborhood. only 750 Sq. Ft. Once you put your Kitchen table in the middle of the room, this is the best it gets in these houses. You should see some of the crazy dumb layouts people do in these houses lol. This is the best, trust me.
@Skyler Mckinney lol I must have fooled you guys... The only "high-end" finish.. would be the backsplash and kitchen sink. Everything else is builder grade, low-mid priced appliances, or I got on sale for super cheap :) I guess, That is another thing I learned... How to make things look good for cheap.
@Jeremy Mangen At the start of the project I was looking around for the correct lenders.. and found the one I wanted about a month into the project.. Just waited until 3 month mark to get paperwork started.
@Blake Elder 20-year loan
@Kevin Christensen It takes about a month. Most places want you to have it for 6 months, but keep searching smaller banks/credit unions. you may find one that only requires 3 months :)
@Max Miller Yes the kitchen is split, with the idea of the kitchen table to sit right in the middle. Old toilet was disgusting, anyways even if it wasn't, if youre doing a rehab a new toilet is only $100-$200. Definetly get a new toilet. The old bathroom vanity and sink was sold on craigslist for $80!
@Caleb Coats too late I already refi :( but, now my HELOC is open again to use :) and I get to keep the rental, or flip it later, or whatever. It's a good problem to have.
What a makeover. It looks really good!
Great job. Really like what you did, how you decided to think outside of the box. Very encouraging. Thank you especially for the before and after pictures
@Cam Jimmy - That's right! it is a good problem to have. Most importantly you took action. Thanks again for sharing and congratulations!
Awesome job, @Cam Jimmy . Looks great!
@Joshuam Rivera Since I already Messaged someone about this, I'll just copy and paste it here.
As far as reno costs.. I can really only ESTIMATE the costs of the work that I did, because I bought so many different things throughout the entire process. for example, I bought the toilet in the first month because lowes had an excellent sale on toilets that week. Anyways I can however give you exact numbers for the contracted items. keep in mind this was only a 750 sq ft house too.
Steel high quality Siding from ABC seamless (3 sides only): $6000
New paved driveway with retaining wall: $4,400
New furnace and some duct work: $4300
New gypcrete poured on entire Slab to level floor: $2,300
Gutters were included in the siding job
Tape, Putty and Patch work on the entire interior: $2000
New blown-in insulation and baffles: $1,100
My work (materials Only (give or take)):
Laminate flooring from Costco: $1200
floor Tiles on sale at Lowes: only $50!
The entire kitchen, Cabinets, appliances, counters, etc..: $6,500-$7,000
Entire electrical Revamp : $4000 (This would have been 10k+ if i hadnt done the work)
New pex Plumbing - $1000
Entire Bathroom - $3000
Trim and doors - $ 1500
There were also so many misc items that I cannot remember. Also about $5000 in holding costs. Please Give or take some of these numbers... I do not have my actual spreadsheet where I am.. so if the numbers dont add up exactly.. this is why. I may even double dipped on some of these items.. like flooring in the bathroom/kitchen. I hope this helps! good luck!
THIS PLACE IS GORGEOUS! THAT'S AMAZING ! CONGRATS ! @Cam Jimmy
Very nice job! I just got a multi-family property under contract and am also looking to BRRRR it, hopefully it comes out as successful as yours!
Great Job! excellent remodeling!
I just wanted to say thank you to everyone that has commented. I never knew I'd get so many people saying encouraging words. I feel like a celebrity lol :). I wanted to point out that this was all possible for me because of THIS website. Bigger Pockets is the sole reason I was able to do this BRRRR and my first duplex. I love the podcasts, both the REI Podcast, and the Money Show. I love all of the books. And I love these forums. Thank you @Joshua Dorkin @Brandon Turner @Mindy Jensen @Scott Trench @David Greene And all of the other employees...You guys are awesome!
Fantastic Job!! You did a great job, keep it going & best of luck on your journey! @Cam Jimmy
@Cam Jimmy Congratulations and thanks for sharing your great story; how the deal was found, negotiated, funded, and what you did with it!
The rehab looks fantastic! Also thanks for sharing your rehab details. The new driveway makes a huge difference for curb appeal.
How did you go about finding the contractors and negotiating scope of work and determining if the price was fair and reasonable? One of the biggest challenges i find is the contractor's proposals don't like to breakdown labor and material, which makes it difficult for me to cost engineer/budget future work. Any thoughts you can share is most appreciated.
I am in the process of my first BRRRR. It has been rented out for 6 months now. How long tipically do you need to show rent to refi?
@Geoff Chan Well Most of the contractors (The good ones at least) Post signs in the front yards of houses they worked on. So some of the bids I received from contractors were from yard signs...like the siding company I used. Also word of mouth, and past experiences. Ask around, people will tell you they either love or hate a company, and for what reason. One good thing Ive learned over the years is how much the labor is worth to me. I've shingled shed roofs and stuff, and I absolutely hate it.. Since ive done the work and know what it entails... I had no problem paying the $4100 for the company to do the roof. That work is back and knee breaking...and its dangerous. I hope this helps.
@Sean Harrison Most banks typically want you to just own it for 6 months.. and if your debt to income ratio doesn't qualify.. they would need to see a signed rental lease. doesn't matter how long your lease has been in affect. You should start shopping around now since you have already met most banks minimums.
great job on your first BRRRR, it must feel really good to accomplish something new
@Cam Jimmy well done! And way to get an AK BRRRR on the blog!
@Jamie Rose Thanks!
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