Just wanted to share my teams first success story after research and studying with the guidance of Bigger Pockets.
Recently we just completed our first BRRR (thanks @Brandon Turner ) with a property in Kennebunkport ME. We found it off market through a wholesaler who wasn't fully aware of the location and potential as we were. We knew at the price listed, it was well underpriced with our due diligence and research. Sure enough the homes pre-appraisal came in and we were already ahead $140,000 from the agreed purchase price without even swinging 1 hammer.
We knew with our research based on location, square footage, beds, and baths it would appraise we'll over what we needed to get all our money, investors money, and walk away with profit to roll into the next deal.
Best of all it is a 3,800 sq ft single family with inlaw unit with separate utilities. This is great for seasonal Summer rentals and off season rental. Currently, the full house rents weekly for peak season; off season, we can seperate property to maximize off season rental with 2 sets of tenants.
For reference this is the rehabbed home link as well as Zillow verifying what it is now worth after the rehab and the Home Away link showing the healthy rental market: https://www.zillow.com/homedetails/14-Towne-St-Kennebunkport-ME-04046/112706465_zpid/
The process wasn't easy but it was extremely do able. From firing a crew a quarter of the way through for night time bonfires and midnight target practice in a residential neighborhood... To self GC'ing the completion with a skeleton crew and refi'ing in 4 months! We made some great contacts, learned a ton, and aquired some very happy investors.
We are thankful for the knowledge recieved from Bigger Pockets and the community. We look forward to more of these opportunities and building financial freedom.
We are in the process of acquiring another property 1 town over (5 mins from property explained). Stay tuned for BRRRR #2 Maine edition!
That's awesome! Congratulations!
Nice! It's always great when you can come out ahead on your first one, not only financially but with knowledge that you can apply to your next one.