Updated over 6 years ago on . Most recent reply
First BRRRR Duplex... BRR down, and the last RR to go!
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Contributors:
Kevin Williams
Duplex in an "Opportunity Zone" (https://www.irs.gov/newsroom/opportunity-zones-frequently-asked-questions) with two 2/1s in Sulphur Springs, Tampa, Florida. One side needed total refurbishment, and went from vacant hoarder status to $1,070/month (Section 8). This was a great unit to cut my teeth on the Section 8 process. We're in the process of BRRRR-ing... We've got BRR down, and now for the R&R! (We will need to look into refinancing soon, as this was a cash deal for us.)
Lessons learned? Challenges?
We definitely had some challenges on this property. It's in what's called an "Opportunity Zone" in Tampa, so the neighborhood has its colorful characters. One of the most interesting things that happened was our plants were stolen AFTER they were planted! I'd never imagined that someone would just pluck a croton straight out of the ground. Lesson learned? Plant a cactus next time!