Monster 3 unit BRRRR complete!

123 Replies

@Sheldon Moore , on a multi?  I got all excited about Navy Federal Credit Union, of which we are members, and it turned out they only do Single Family...

@Kyle M. I’m super happy for you. You made a huge play the renovations are beautiful and I’m sure the tenants would love it.. Great age on the property as well. You definitely help people like me keep hope alive

Originally posted by @S L Martinez :

Great Job!!!

I am in the process of obtaining my first property. it is a vacant lot, over 1/3 acre, zoned multi family per the Realtor though he suggest to verify this with the city. I am hoping to put two duplexes on the property. I have funding lined up (100% of the purchase price and 100% for construction). I also have a title company doing research on the property to make sure the seller is indeed the owner, free and clear. All utilities on the property. Am waiting for confirmation from the city of Centralia, Washington on the multi family zoning. Have the General Contractor lined up as well as a landscaper. Centralia Washington is a small college town, only about 4,000 students and there is a housing shortage.  

I should have no problem leasing out the property.

But back to you, again great job. I hope to be as successful at my venture as you with your

 I would check not only on the actual zoning (and titling) of this lot, but also try to suss out the mood of the planning department and make sure that they are "pro" multi-family BEFORE you buy the property.  Politics change faster than zoning and fighting city hall can be very expensive. Here in San Diego I know of cases where land would be zoned for say 4 acre parcels, but as soon as the owner tried to split it the county would arbitrarily decide to require 8 acres. You'd really much rather NOT fight city hall if you can avoid it.

Nice work! I am working on my first multi-family BRRR in NH and it is turning into a beast as well. Massive 3300 sq ft three unit as well and we are way behind schedule as no one was able to get started on the project until about five weeks in. Once completed this property will cash flow around $1000/ month, but I am still a few months out. Knee deep in rehab. Thanks for the inspiration.

@Kyle M. Great job! Truly inspiring! I am looking to use the brrr strategy as well but am a little intimidated by estimating rehab costs. Thanks for sharing your struggles and lessons learned.

@Kyle M. Congratulations man... We are at the tail end of 3 SF rehabs in 4 months and your story is very inspiring. Totally get the feeling of biting off more than we can chew. Way to BRRRR man! How was your cashout experience for the multifamily vs the single family

.. bank is making us jump through more numerous and tighter hoops? 🙄

@Claire Austil

The cashout experience was very similar to the 4 single family that I did in 2018. But I’m sure that will vary based on the lender.

For me it was easy because the lender had worked with me on 4 deals already, now we were just dealing with a bigger property and larger loan amount.

@Kyle M.

Amazing job and inspiring!! I am currently in the middle of my first BRRR in Essex county NJ.6 months shy from a cash out refi.Currently trying to force appreciation.Love seeing these posts!

@Kyle M.

On your next project like this what do you plan on doing different as far as estimating? My long term goal is to BRRRR and I'm trying to learn as much as possible about estimating repairs material wise

Originally posted by @Derrick Burtle :

@Kyle M.

On your next project like this what do you plan on doing different as far as estimating? My long term goal is to BRRRR and I'm trying to learn as much as possible about estimating repairs material wise

I'm currently working with my partner/contractor to create an actual checklist to take to properties.  We want it to list out literally every part of the property, things to look for, and questions to ask.  Every item on the list will have an estimate.  The goal will be to get a scope as complete as possible on the initial walk through so we can come up with a much more accurate initial rehab estimate.

@Kyle M. Thanks for sharing your inspiring success! If you don't mind sharing, are you doing this under an LLC or individual? I'm just about to get into my first brrr and still on the fence about the pro/cons. One of my concerns is the cash out refinance under an LLC will be tough unless with a portfolio lender and that is something I'm just getting familiar with.

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