How much was your first BRRRR deal?

[Stephen Adams]

As I begin to save enough capital to start the BRRRR strategy, I'm curious to see how others have started in the same strategy.

My questions are:

(1) How much was the purchase price of the property?

(2) How much was the "all-in" cost for the property?

(3) Did you pay "all-cash" or did you use other financing methods (e.g., private lending)?

(4) What was the eventual ARV of the property?

I would really like to begin the strategy however I am trying to get a general idea of how much I would typically need to save to start (I know this varies by market, but I'm curious if anyone has had success with the BRRRR strategy in markets where it's atypical to find a SFR at less than $100k)

[Stephen Glover]

Thanks @Taylor L.  I probably would not be on BIggerPockets anymore had I not contested that appraisal haha.

@Stephen Adams As Taylor mentioned I've had success with BRRRRs and have 3 underway right now. There are many thousands of investors with more experience/knowledge than me, but hopefully I can add some value. I'm also a property manager in Richmond, VA so I get so see what many other investors are doing as well. Check out Taylor's link above to my other post to see a BRRRR in detail.

Funding (solely my opinion): Save enough capital for reserves and also in case something goes wrong with the BRRRR, but NOT for the reason of investing that capital. Build relationships and invest other people's money if possible, but have your own money to back it up as needed.

Growing: All about relationships. With lenders, banks, insurance/CPA's/attorneys, GC's, and other investors. I have 7 BRRRRs lined up after these 3 (one owner), and another 3 BRRRRs after those 7 (one owner). Hope to complete these 3 and those 10 in the next 6-8 months if I can maintain a strong personal cash position (for reserves or mistakes). 

Start analyzing random houses over and over again- the numbers will begin to make sense! Do that while you begin to build your team, then when you have a deal jump on it.  Good luck!