BRRRR in Dallas PA (soon to close on our third property)

[Patrick Kiely]

In 2018 I decided to start a Real Estate Investment company with my dad and my old college roommate and so far everything is working great. Our plan is to buy properties in the Dallas Pa area ( alma mater) and rent to college students.

We bought our first property at 100k (4BR 2Bath) in Dallas Pa and now valued for 148k we had a group of 4 students ($400 per person is rent cheap I know)as tenants but the HOA decided that we couldn't rent to students anymore. Long story short we used our relationship w/ the local college football team to rent it out to one of the coaches and his fiancé (So Problem solved there).

A year passes and we refinance the first property and took an ELOC for 40k and bought a second property for 89k! Utilized the Line of Credit to fix it up redo the roof/ plumbing, floors, bedrooms , landscaping all in all was about 15k. We took our old tenants from the first property and put them in this house instead.

So now we have two properties fully rented out and are looking to get the cash out (refinance the second) to pay off the Line of Credit and then reuse the LOC to get a third property and fix it up.

I guess the discussion I would like to have are we (myself and business partners) have a sound plan in place as we continue to add more investment properties? I want to make sure if there's anything else we could be doing to take our Company to the next level and utilize the BRRRR methodology

Appreciate everyone’s thoughts and looking to learn!

Thanks

Dan Kieiy