My BRRRR strategy success story

My BRRRR strategy success story

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 

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Rental Property Investor 路 Klamath Falls, OR 路 Member since 2016 路 146 posts 路 213 votes
8y

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!

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  • Investor 路 Bronxville, NY 路 Member since 2017 路 114 posts 路 48 votes
    8y

    First of all great job, and congratulations!

    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.

  • Rental Property Investor 路 Alpharetta, Georgia (GA) 路 Member since 2016 路 145 posts 路 68 votes
    8y

    Good Job.

  • Rental Property Investor 路 St. Petersburg, FL 路 Member since 2017 路 3k+ posts 路 4k+ votes
    8y
    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?
  • New York City, NY 路 Member since 2017 路 1 post 路 2 votes
    8y

    Congratulation! Great project, Thanks for sharing.

  • Multifamily Syndicator 路 Houston, TX 路 Member since 2016 路 1k+ posts 路 2k+ votes
    8y

    @Will Coleman It is just awesome when you just have that AHA MOMENT! like this stuff works [TSW]. 馃榿

    Fantastic efforts to you guys and I'm sure it is a beginning of some really great things for you two. 

    Congratulations! 

  • Pittsburgh, PA 路 Member since 2018 路 20 posts 路 4 votes
    8y

    Well done! Congratulations!

  • Lender 路 Los Angeles, CA 路 Member since 2017 路 38 posts 路 13 votes
    8y

    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. 

  • Investor 路 Park Ridge, NJ 路 Member since 2015 路 14 posts 路 2 votes
    8y

    Looks great, Will.  Congratulations!

  • Lender 路 Knoxville, TN 路 Member since 2015 路 55 posts 路 48 votes
    8y

    @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. 

  • Investor 路 Arlington, TX 路 Member since 2015 路 201 posts 路 61 votes
    8y

    Congrats @Will Coleman! Thanks for sharing! What a great property and before and after! 

  • Flipper/Rehabber 路 Coeur d'Alene, ID 路 Member since 2008 路 10 posts 路 15 votes
    8y

    Nice Project Will!  Congratulations!

  • Realtor 路 San Francisco, CA 路 Member since 2017 路 408 posts 路 361 votes
    8y

    Congrats! 

    Mind I ask what you paid for Hard Money?

  • Grande Prairie, Alberta 路 Member since 2015 路 17 posts 路 7 votes
    8y

    @Will Coleman great work! Thanks for taking the time to put the post together, I enjoyed/learned a lot reading through the comments. 

    Amazing how new flooring, counter tops, and back splash completely changes the look/feel of the kitchen. 

    When/are you working on the next BRRRR already?

  • Lender 路 Knoxville, TN 路 Member since 2015 路 55 posts 路 48 votes
    8y

    @Robbie Wyness 

    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? 

  • Pittsburgh, PA 路 Member since 2018 路 9 posts 路 3 votes
    8y

    Looks awesome!  This is the strategy I'm looking implement on a multi-family property.  Good to see it providing success for others

  • Rental Property Investor 路 Oakland, CA 路 Member since 2016 路 341 posts 路 643 votes
    8y

    AWESOME @Will Coleman - I'm looking to do this on my next investment.

    Any tips on properly calculating ARV? Is it just a matter of looking at comps?

    Any tips on properly calculating rehab cost?

    THANKS!

    -Tyler

  • Fresno, CA 路 Member since 2017 路 7 posts 路 2 votes
    8y

    Congratulations! Well done. Thanks for sharing. 

  • Fort Worth, TX 路 Member since 2018 路 1 post 路 2 votes
    8y

    Wow that鈥檚 very inspirational I鈥檓 currently looking to make my first investment purchase, great job!!!!

  • Hutchinson, MN 路 Member since 2018 路 38 posts 路 14 votes
    8y

    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!

  • Investor 路 Tallmadge, OH 路 Member since 2015 路 259 posts 路 275 votes
    8y

    Looks great! Congrats!

  • Walnut Creek, CA 路 Member since 2017 路 15 posts 路 4 votes
    8y

    Congrats and Thanks for sharing your lender's information!

  • Jim HilerPro Member
    Rental Property Investor 路 Delray Beach, FL 路 Member since 2014 路 134 posts 路 50 votes
    8y

    Nice Work.

  • Austin, TX 路 Member since 2018 路 12 posts 路 7 votes
    8y

    Where is this property located?

  • Lender 路 Knoxville, TN 路 Member since 2015 路 55 posts 路 48 votes
    8y

    @Amanda Swetman

    This property is located in Arlington, TX

  • Winter Garden, FL 路 Member since 2018 路 11 posts 路 13 votes
    8y

    @Will Coleman

    Thank you for sharing your success story

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