First BRRRR Deal Closes Today Only 1 Month After First House-Hack
My wife and I moved to Panama City FL early last month because Tyndall Air Force Base brought us down here. I used a VA loan to buy our first house a month ago today. In that month we have utilized the separated guest suite and one guest bedroom to house-hack using Airbnb. I'm happy to report that our mortgage, taxes, and insurance payments are now completely covered and we have an extra $100 to go towards utilities, so we basically are living with zero living expenses! Since I have been involved with BP I knew this is the route I wanted to start with and its awesome to see it working like advertised. It just takes the due diligence in the beginning and the courage to go for it when you spot the right opportunity.
Now one month later I am closing on another SFR property that will be a BRRRR. I identified it driving for dollars, and sent a letter to the seller. After speaking with him he agreed to seller finance, and I was able to buy the property at about 30% of its ARV so it has huge value add potential. It does have hurricane damage from hurricane Michael, which affected the area last October, but that is where the opportunity is here. I am financing the rehab with private money partners, who are also handling all the upfront costs and carrying costs. So I got into this deal for a true no money down (if you don't count the $200 inspection) and may see an infinite return on the property after pulling cash out post refi. The rehab will begin shortly and am excited to see that through.
Thank you to BP for all the guidance thus far, it's in large part because of this platform that I've been able to make these things happen.