This is my third property in Fayetteville, NC but my first BRRRR. Pictures were taken two days ago and I will post them as soon as I have them.
Electrical upgrade and HVAC installation: $8300
Hooking up to city sewer: $500 (split with agent because they made a mistake during DD)
Paint and general rehab(floor, plumbing, electric, fans, etc.): ~$12000
Will be renting out for $800 to $850, and after refi. will be cashflowing between $190-$245 pending appraisal, LTV%, interest rate, and rent amount.
Goal: Complete one more BRRRR before moving across the country in May 2020, second test of RE investing system.
Great job! That is exciting that you were able to try out a BRRRR and have it succeed! I am hoping to move to NC in the next few years and it is good to see success stories down there.
Can't really figure out the best way to add all the photos, so here is the link to the photographers website:
Still needs one last cleaning before a tenant moves in. :)
All the work done (minus the HVAC install) was completed by Quality Home Repairs, LLC. A pleasure to work with, Dave and his team made the rehab step simple for me. We did bust our original time estimate by a little over a week but that was mainly due to unforeseen circumstances and learning that ALL the plumbing under the house needed to be replaced. Here is his info for any Fayetteville, NC investors out there looking for some rehab work:
QUALITY HOME REPAIRS, LLC
David A. Gladd, Jr
Congratulations! Looks great. Are you going to manage it or use a property manager? We are neighbors.:) I own a property around the corner.
Congratulations! The pictures look good.
Hello Adam I’m Edward im trying to do the brrrr strategy is there any way you can send me an example in the direct mail (dm) step by step including all numbers.
@Adam R Gebner good job. Congratulations!
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