Updated about 7 years ago on . Most recent reply
First BRRRR with a flood property
Finished my first BRRRR in Houston, TX post Harvey. House took in 3-4 in of water. First time flood. I used private money for the $26,500 purchase with all fees, and the $55,000 rehab costs. So, about $80,000 all in. I'm in the Army and love to do construction, so it took 7 months. I hired a contractor to handle things while I was away. I took it down to the studs and redid everything. The plan was to BRRRR, but I wanted a resale exit strategy if needed. I moved walls to open it up and used above rental grade materials. I added a vanity in master bath and increased kitchen square footage by pushing into a garage closet that was not needed. Rented out quick at $1500/mo and appraised at $135,000. I took the full 75% refinance and got $96,000 back after lender costs. Not too bad. I have pictures in my profile. I'm working on an interesting property now that has 3 residential units to rent and 2 commercial auto shops to rent. I'll post updated if I get it.