New to Real Estate · CO · Member since 2025 · 8 posts · 3 votes
Have two houses purchased, one for my parents to live in (will not be making much money on this one yet) and just purchased our second, this one will be the first official BRRR. I will let you know how it all goes.
I told everyone I would update as we move along, so the second home is in the rehab process. We found a few surprises once we started the demo. THe last owner hid knob and tube wiring in the walls; this increased the electrical from $2500 to almost $6000 since we how have to rewire all the electrical in the house. Also, the roof needed to be replaced, we were hoping we could get away for a few more years, but it was just too far gone. We are a bit over budget, but we are learning a lot. I just hope we don't have any other unexpected things, and we don't have to leave too much money in this one.
Congrats—that's a solid start! Helping your parents while launching your first BRRR is a great balance of impact and investment. The key with BRRR is nailing the rehab budget and ensuring the refi covers your initial costs to keep the momentum going. Keep us posted, and feel free to DM me if you want to bounce ideas or numbers off someone.
Hey Shawne! Welcome to BiggerPockets! Sounds like you have a great head start with your two BRRRR deals. You have hit the JACKPOT of resources for real estate investors. You can literally find answers to all of your questions within the confines of this site. What’s the best way to get started using BiggerPockets?
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