1st BRRRR DONE! Now what??

[Vincent Plant]

I bought a house in December 2018 and have been working through so much since and have finally successfully pulled off the brrrr.

I got a great deal, I had to rid the house of disaster tenants, I rehabbed a home that was in horrible shape, I rented it for way more, I got it appraised for $82k more than I bought it, I’m cashing out 96% of the money I put into the house, and I’ll be left with with a fully rehabbed home and cash flowing $510 per month!

Honestly feeling on top of the world after doing this. I have a pocket full of cheese and I’m on the hunt for what to seek out next. I know the the R is “Repeat” but all I know is this project took so long and was so stressful. I might want to consider something with a less work involved.

Any suggestions?

[Trevor Emmett]

Part of the stress and difficulty that you faced was a simple fact that this was your first deal.   It may be worth your time to write all the challenges that you faced down and to spend some quality time reflecting on the project.  Also, if you have not done so already, I suggest compiling a database of all the people you worked with and make a note of whether you would like to work with them again or not.  The people around you will help with future projects and when you find a good contractor, agent, lender or any other service that has made your life easier the future projects will become easier.   I am not saying that the next won't be painful either, but I can promise you that it will be different!!  

You do not need to buy something tomorrow or the next, just keep an eye out and be ready to jump when you find the right deal.