First BRRRR investment ?

[Chris Gawlik]

Teledo Ohio

3 bed 1 bath built in 1928 1060 Sq Ft Selling for 31k needs 10-15k in repair. I called a couple property managers. One of them has 3 other houses on the same block as the property. Conservative estimates on rentometer are around $750 per month. The sold comps seem to be on par with the house ARV of around 60k.

So, some of you may cringe at this but Im trying to do this from Cali and will not go to or see the house before I buy it. I will rely of a contractor I have never met and people I have just made connections with. There will obviously be an escrow and I will get an inspection and 3 different contractor bids for repair. There will be a lot of photos and I have people walking me through the house with video. This is not the only money I have so if worst case scenario happens it would not be the end of the world.  

To some people it may seem like a dog of an investment but to me I actually feel comfortable with the risk because of the price point. My first out of state deal. If it works out I would like to buy more properties in this area with the team I am developing there. Thanks for your opinions. 

 
  

[Kyle Dwyer]

@Chris Gawlik

I'm actually in process of a deal near identical to this one near College Station TX.

I currently have 6 properties in the area, and this will be my first BRRRR property. I also dont feel too worried about this one due to price point.

Good luck with your project, I hope it all work out!