Lender 路 Knoxville, TN 路 Member since 2015 路 55 posts 路 48 votes
Howdy all,
I thought I would share my property that I implemented the BRRRR strategy on. We purchased for 90k put about a 25k rehab budget into it with a hard money loan. Refinanced with an ARV at about 150k. It's currently cash flowing $400 a month with approx. 40k in equity in the house. Check out the before and after pictures. @Robbie Wyness
You can't always get every single penny back out of a deal. My last BRRRR, I left about $10,000 in the deal because the appraisal came in very low (rural, no comps). If the appraisal had been spot on I would have made $60,000 profit. The property still cash flows $1800/month (4-plex) so in my book it's a great deal. You basically paid $10,000 for a property that makes you $400 a month. Job well done!
25K. Did this include labor and material delivery...? Just curious. I'm rehabbing one now (well 2 units) and the budget is around the same price...most of it cosmetic.
Nice job @Will Coleman! I'm finishing up my first BRRRR this week. 2 questions.... is the property held in your personal name or an LLC? And are you self managing the property?
Great job @Will Coleman !! Always inspiring to see a success story on BP. Mind if I ask which Dallas GC you used for this project? I really like the work you did with the kitchen.
@Moises B. Yes it included everything, we had to repair some of the foundation as well so that made the price a bit higher than expected.
@Jason D. Thanks! The property is held in my personal name and I am managing it myself. I plan to put the property in an LLC in the future but I haven't looked too much into to it be honest.
@Clayton Danly I used finishing touches remodeling http://www.finishingtouchesremodeling.com/ They did very good work however took a bit longer than I expected. I would work with them again but next time I plan to get multiple bids from contractors just to be safe.
Simple cosmetics can go a long way! I have been taking slow on single family lately but I've started to look into RLOCs in order to do some flips. What about you?
The first thing I said when I saw the outside before and after pictures in particular was, "Wow, that's quite the difference!". Excellent work and congrats!