Middle of a "live-in BRRRR" Richmond, Virginia

9 Replies

I'm currently in the middle of what I'm referring to as a "live-in BRRRR" in Richmond, VA. Similar to a live-in flip but instead of flipping after living here I intend to refinance after 6 months and hold as a rental instead of selling. This is my first real estate purchase! It was extremely challenging to make it happen and included my first offer being accepted then canceled halfway through the process due to unforeseen plumbing issues.

Details:

Left to do:

  • Determine ARV (150-200k depending on additional renovations)
  • Get a better handle on potential rents
  • Determine additional repair budget (15-35k) depending on ARV target and potential rents
  • Complete, at minimum, a utility room addition, bath and kitchen remodel and porch conversion

Big thanks to @Stephen Glover , @Shera Gregory, and Fixer Upper Coach Pete DeWorken and many others for their advice already in this process. They are all great!

First few things I tackled were the disgusting carpets, cleaning and painting all nicotine stained walls, and landscaping.

If anyone in the area wants to get together and chat, would love to meet more investors or future investors

Woo-hoo! I am currently in a live-in renovation on a duplex in Battery Park that will be a rental when complete. Did a 203k loan for repairs since its been untouched since it was built in 1928 and doing state and federal historic tax credits to offset the cost. Plus enough sweat equity that I might as well cancel my gym membership. Cheers! 

I was having trouble posting photos on BP when I originally posted this, but here are some progress I've made. I started out getting the inside to be livable and then focusing on the landscaping and making it not look like a vacant property! Unfortunately, other than cleaning, spackling and painting inside, plus the landscaping, I'm starting to run into a wall of what I know how/am capable of doing. Trying to find some good contractors.

Here's a breakdown of costs for my 2nd phase of remodeling, in addition to costs and scope mentioned in the OP. All of this was handled by a general contractor as I began to get too busy and overwhelmed with having to coordinate myself. Basic scope: Interior/exterior paint (including some interior drywall fixes and exterior siding repair), remove two closets and turn it into a hallway down the middle of the house (see photos above), remodel kitchen including floors, paint and counters (reuse cabinets), take down the kitchen wall to create open concept, sand and refinish all hardwood and repair hardwood where the closets were removed, add in closets to all three bedrooms, and relocate multiple doors. Total cost $24,500. 

Lots of lessons learned. 1. Get multiple bids 2. Get line item bid prior to deposit 3. Don't do a live-in flip on a short timeline... 

Next steps - trying to do either a rate/term refi + HELOC or a cash out refi. Cash-out refi rates are coming in very high so may go with the the rate/term + HELOC to get on with the "repeat" part of the BRRRR!

Demo $1,835.44

Framing $893.41

Siding $2,027.03

Plumbing $1,148.65

Insulation $255.56

Drywall $2,702.70

Flooring $4,231.08

Tile $1,297.30

Cabinets $308.00

Trim carpentry $1,685.30

Countertops $716.25

Paint $6,391.89

Hardware $394.26

General construction costs $792.00

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