TimBRRRR 1.0, a step by step BRRRR

[Tim Bradley]

This will be a continuously updated step by step BRRRR post. I stole this idea from @Lesley Resnick so I first need to give her some credit. I really enjoy reading about her progress and it inspired me to do it as well. This is my very first BRRRR although I have several rentals already but they were more paint and lipstick projects. I am about through demo currently so there will be a lot all at once in this post and then the follow ups will be shorter.

Purchase price was $108K off the MLS. I had watched the property for a while and it was originally listed around $140K and had dropped over a few months. Was at $118K when I put an offer in. I offered $100K even and eventually closed at $108K. Property is in Titusville, FL. My estimated ARV is $215K. Yeah, a big increase but man am I working for it. Quick story on the negotiation, during my inspection period I found a bunch of stuff I didn't originally notice and tried to negotiate from $108 back down to my original $100. Seller basically came back with oh you found issues, cool story man, the price is $108. And I said great! But on the inside I said Booooooooooo. Well, you never know until you try. Oh also this house was listed as a 3/2.5 and its 1900 sq ft. This is easily (I am very casually throwing that word around) converted to a 4 bed and there is already a 3rd full bath, it just wasnt listed correctly. 4/3 here we come!

As this is my first BRRRR I wanted to do something relatively easy (there is that "easy" word again) but life really doesnt care what you want and sometimes you are given lemons (or something like that). This house needs everything. HVAC, electrical, roof, plumbing, love, attention, flooring, bathrooms, pizza, kitchen, you name it its in the rehab. 1st ever major rehab, what could go wrong?! (Foreshadowing?) Rehab budget is 55K. Ha! Rehab budget WAS 55k is more like it. Im at 65K currently. But I was suuuuper conservative in my numbers to start with so I went from getting all my money back out during "R" 3 to leaving some in the deal. And did I mention that I am doing most of the work myself. Basically if it doesn't require a permit, I'm it! And I have a full time job. Hence why I am writing this post at 4am on a Sunday. However, I am a program manager in my real life so Im used to managing resources, budgets, milestones, headaches, etc. So while this is a major rehab and its my first its really just another project Im running.

Moving on.  Heres where I am at
1. Security system installed. I am leaving a lot of my tools at the house, this was great piece of mind. Plus I can use it at my next BRRRR. Of course the 1st system didn't work though. Which I found out AFTER I installed it. Always read the directions kids. The directions even said to test it before installing it. Who puts that in the directions? People who have crappy products, thats who. Literally the very first thing I did with this house and I am already having problems. Good times
2. There was a fuel tank buried on the property.  Removed it no problem, no leaks!  I really gambled on that one b/c if there was thats BIG remediation money.  There was even 100gal of fuel left in the tank.  The house was converted to electric so long ago that the current owner didnt even know it was there.  How is that possible?!
3. HVAC installed.  Woo Hoo!  Its FL, its like living on the surface of the sun, you bet your booty that went in first, errrrr 3rd.  Whatever.  There is also an addition that has a through the wall unit that needed replacing.  I got a new one of those too.  And after installing it and firing it up you guessed it!  Doesnt work.  Im noticing a trend here.  Kids, make sure to test the 80lb product before lifting it up and installing it.  At least I had no one to help me so thats good. 
4. All new well equipment installed.  Filters, pump, more filters, well stuff (my first well,can you tell?).  Well guy leaves and two days later....you guessed it again! (man you guys are good) No water.  How important is water though, maybe my tenants will bring their own. There is a whole other posts worth of info about that one (the well, not tenants bringing their own water) but to sum it up: dry well bad, expensive fix
5. Tile removed, bathrooms gutted, moldy drywall removed.  Oh yeah MOLD!  This house has mold too!  Forgot to mention that.  Just add it to the list of "easy" fixes. Leaky roof + rain + FL heat = mold.  Its in the garage area though so as far as mold goes its as good a situation as it gets.  
6. Guest bath tile was reglazed.  First thing to get put back together!  Yesterday was last day of demo.  I am now moving on to actually making the house look nice as opposed to gutting it. 

Here are some pictures of the house.    They are sideways b/c I enjoy the thought of people reading this post and then turning their heads to see the picture.  Or maybe its b/c no matter what I do I cant get them to rotate.  Any geniuses out there know how?  The large untouched room is where I will add the 4th bedroom.

Oh man I forgot about electrical.  Whoever wired this house was just mean.  There are switches everywhere and I spend about 10 min every single day Im at the house trying to figure out what they go to.  I have several that I still dont have a clue what they do.  And I have had to rewire a few b/c they were done wrong.   But that just adds to the excitement right?! (no)   I did make some major headway though when I realized that the previous owners basically just lived in the dark.  Because I think 1 maybe 2 light bulbs in the entire house worked.  Its hard to tell if a switch works if all the lights are blown out!

I also need to mention my neighbors.  They are super nice and SUPER nosy.  They stop by, want tours of the house, ask me what Im doing.  But nosy neighbors are great when you arent around.  They will keep an eye on the place and I will make the place look great again.  Win Win!  I have also been shoveling all my appliances and anything worth keeping over to them for free so that might help too.

Thanks for sticking in all the way to the end.  Here is a picture of my lazy coworkers as a reward

[Tim Bradley]

Update Oct 8, 2019

I took a night off. After 3 weeks of 7days in a row work on the house I actually took a night off.  The wife and I had a nice date night dinner.  And of course afterwards we went to lowes to look at tile.  Shes a total keeper.  Which is good since were married.  The lowes trip was a total jackpot too.  We found a backsplash for the kitchen marked 90% off!!  It was a great night.