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All Forum Posts by: Peter Hogan

Peter Hogan has started 1 posts and replied 5 times.

Quote from @Andrew Syrios:
Quote from @Peter Hogan:

Thanks for the advice @Andrew Syrios this is definitely something I am trying to avoid. It’s seems easy to believe that you’ve considered everything, especially when trying to put the funds together for a big project and eager to get started. Best to add a risk contingency and be wrong later than assume you don’t need one. Much appreciated!


 Sure thing Peter. I would also be very diligent with due diligence. I wrote a long piece a while back you might find helpful: https://www.biggerpockets.com/blog/due-diligence-ultimate-gu...

Good luck!

Thanks @Andrew Syrios I’ll be sure to take a look this evening! Appreciate the shared insights 👍

Quote from @Clint Jusino:
Quote from @Peter Hogan:

Hi everyone! I'm getting ready to tackle my very first BRRRR and I wanted to see if the community could share some common mistakes to avoid? I have only purchased turnkey properties in the past and I'm looking to learn from this amazing community what some of the common pitfalls are that I should avoid. Thanks for your input, and happy BRRRR'ing!

I agree with Andrew 100%. To piggy back off of Andrew, when I did my first BRRRR I didn't factor in holding cost. Make sure to add a 5 to 10k buffer to your rehab estimate. I was off by roughly 8k. Typical rookie mistake.

Thanks @Clint Jusino great advice! If you don’t mind me asking, how big was the project rehab related to the $8K variance?

Thanks for the advice @Andrew Syrios this is definitely something I am trying to avoid. It’s seems easy to believe that you’ve considered everything, especially when trying to put the funds together for a big project and eager to get started. Best to add a risk contingency and be wrong later than assume you don’t need one. Much appreciated!

Hi everyone! I'm getting ready to tackle my very first BRRRR and I wanted to see if the community could share some common mistakes to avoid? I have only purchased turnkey properties in the past and I'm looking to learn from this amazing community what some of the common pitfalls are that I should avoid. Thanks for your input, and happy BRRRR'ing!

Congratulations on reaching this exciting level of success and stage in your career. I'm fairly new to the site and not an expert on this topic but I'm interested in reading through others replies. Best of luck and congrats again!