Our first BRRR and it was a success!

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Our first BRRR and it was a success!

Mitzi Castiglione
Residential Real Estate Agent · Tampa, FL · Member since 2014 · 24 posts · 14 votes

Purchase price: $58k cash, Renovations and holding costs $10k.  

Appraised $128K (lower than I expected, but market is tightening up).  Cash out $96K.

Rented at $1200/ mo.  Only on the market for 1 week.    

My Before pics are not great.... the house was pretty nasty.  lol  

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Tyler Blackwell
Rental Property Investor · Olympia, WA · Member since 2010 · 127 posts · 76 votes
9y

Um...renovations AND holding costs were $10k?! It looks like you did a lot: exterior paint, roof (?), landscaping, fending, kitchen, flooring...what's your secret? Did you do the work yourself? 

7Reply
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  • Michael S.Pro Member
    Biggerpockets Support · Las Pinas, Metro Manila · Member since 2015 · 7k+ posts · 1k+ votes
    9y

    Congrats Mitzi, that's really awesome!

    BiggerPockets
    1Reply
  • Korie Apgar
    Real Estate Investor · Coopersburg, PA · Member since 2017 · 120 posts · 61 votes
    9y

    @Mitzi Castiglione

    Congrats!  Looks great!!  I'd live there. lol

    1Reply
  • Tyler Blackwell
    Rental Property Investor · Olympia, WA · Member since 2010 · 127 posts · 76 votes
    9y

    Um...renovations AND holding costs were $10k?! It looks like you did a lot: exterior paint, roof (?), landscaping, fending, kitchen, flooring...what's your secret? Did you do the work yourself? 

    7Reply
  • Ryan K.
    Investor · Richmond, VA · Member since 2015 · 139 posts · 43 votes
    9y

    Wow, nice work! 

    Care to provide a breakdown of renovations done and cost for each? You did a tremendous amount of work for under $10k!

    1Reply
  • Peter Sanchez
    Real Estate Investor · Washington, DC · Member since 2014 · 236 posts · 328 votes
    9y

    Looks great!  I can't believe you got that all done, including the kitchen for $10k!  Great work!

    1Reply
  • Carl C.
    Investor · New York City, NY · Member since 2014 · 289 posts · 374 votes
    9y

    Nice transformation! Congratulations!

    1Reply
  • Bhekizwe M.
    Bulawayo, Zimbabwe · Member since 2015 · 1k+ posts · 253 votes
    9y

    Looks great.Congrats

    1Reply
  • Mitzi Castiglione
    OP
    Residential Real Estate Agent · Tampa, FL · Member since 2014 · 24 posts · 14 votes
    9y

    Hi all, thank you for the great feedback!  Yes, we did most of the work ourselves and salvaged what we could.   For things we outsourced (e.g. granite)  we built a team of connections that provide us with hefty discounts in exchange for loyalty.   Not all of the cabinets are new.  We salvaged about half and stained the new ones to match pretty close.  My husband does all the tile work and we invested in a paint sprayer a few yrs ago.  Paint sales happen quite often around here.  Only the porch roof was replaced.  We didn't have to do the entire house since it still had some life left.  Only new appliance is the fridge.  The rest were gently used or like new.   When we sell, some things will be upgraded, but it makes a great rental...one that stands out from the rest.  😊

    0Reply
  • Mitzi Castiglione
    OP
    Residential Real Estate Agent · Tampa, FL · Member since 2014 · 24 posts · 14 votes
    9y

    Also, the back yard was already fenced.  We just extended it on the right side to the front and power washed.  It's amazing what a little clean up will do!

    0Reply
  • Christine Kankowski
    Real Estate Broker · Temecula, CA · Member since 2014 · 992 posts · 782 votes
    9y

    Looks amazing!  Nice work!    Ill post mine once it closes escrow.   

    0Reply
  • James Caruso
    Real Estate Investor · Middle Island, NY · Member since 2016 · 147 posts · 68 votes
    9y

    Great job, the transformation is amazing!

    0Reply
  • Andy N.
    Investor · Hopkinsville, KY · Member since 2012 · 111 posts · 40 votes
    9y

    WOW! great job for 10K.  Looks great

    0Reply
  • Andrew Nash
    Navarre, FL · Member since 2015 · 5 posts · 0 votes
    9y
    Great job! Since you paid cash, did the lender require a seasoning period when you refinanced?
    0Reply
  • Jaclyn Peyton
    Lake Saint Louis, MO · Member since 2016 · 28 posts · 7 votes
    9y

    Looks great! Congrats!

    0Reply
  • Kenisha ForbesPro Member
    Professional · Ellenwood, GA · Member since 2016 · 64 posts · 18 votes
    9y
    Awesome!! This was in Tampa? Doesn't look like a Tampa house
    0Reply
  • Raj I.
    Duluth, GA · Member since 2017 · 33 posts · 3 votes
    9y

    We are brand new to this and it's inspiring to see what you have done. Awesome!!

    2Reply
  • Andrew SyriosPro Member
    Moderator
    Residential Real Estate Investor · Kansas City, MO · Member since 2014 · 10k+ posts · 5k+ votes
    9y

    Congrats Mitzi, very well done! Now onto the next one...

    Podcast Guest on Show #121
    0Reply
  • Mitzi Castiglione
    OP
    Residential Real Estate Agent · Tampa, FL · Member since 2014 · 24 posts · 14 votes
    9y
    Originally posted by @Andrew Nash:

    Great job! Since you paid cash, did the lender require a seasoning period when you refinanced?

     No, no seasoning period was required.

    0Reply
  • Mitzi Castiglione
    OP
    Residential Real Estate Agent · Tampa, FL · Member since 2014 · 24 posts · 14 votes
    9y
    Originally posted by @Kenisha Forbes:

    Awesome!! This was in Tampa? Doesn't look like a Tampa house

     Thank you!  Yes this is in Tampa.  Seminole heights area.

    0Reply
  • Pete S.
    King Of Prussia, PA · Member since 2016 · 24 posts · 9 votes
    9y

    Looks great, good work!

    0Reply
  • Ericka G.
    Investor · Atlanta, GA · Member since 2015 · 366 posts · 283 votes
    9y
    Wow! Lovely work, congrats!
    0Reply
  • Asif I.
    Rental Property Investor · Chicago, IL · Member since 2015 · 31 posts · 4 votes
    9y

    Great transformation @Mitzi Castiglione how did you find the property? In a tight market that's the hardest part I guess!

    0Reply
  • Erin Stephens
    Investor · Baltimore, MD · Member since 2016 · 26 posts · 7 votes
    9y

    Wow, what a difference! I bet the neighbors are your new best friends, fixing up an eyesore like that :)

    1Reply
  • Jason V.
    Investor · Rochester, NY · Member since 2016 · 477 posts · 426 votes
    9y

    First at bat home run - great job guys! I bet the neighbors love you too!

    0Reply
  • Timothy Jacobson
    Flipper · West Hartford, CT · Member since 2016 · 19 posts · 7 votes
    9y

    @Mitzi Castiglione

    The house looks awesome. Might you be able to go into a bit more detail on how long the rehab took, and how you were able to refinance without a traditional seasoning period? 

    0Reply
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