My first BRRRR, almost done! Just rented it!

[Lilly Fang]

It's a 3 bedroom, 2 bath, 1105 sf house in a B neighborhood.

Purchase price: $322k (Originally, my partner wanted to flip it with me, but I persuaded him to sell it to me. He earned quick money as a wholesaler, and I have a house to keep)

Rehab cost: $20k (vinyl floor, interior paint, new dual pane windows, new toilets and bathroom vanities, lights, new landscape, new AC condenser, all done by handyman, spent some extra money for minor plumbing and electric jobs, hydro jet sewer lines, clean up attic (had mice), added some insulation

Time spent: 3 weeks (two handymen for the first two weeks, one for the last week)

Value after repair: probably around $440k

Jobs still need to be done later: some dryrots, roof work (it's tile roof, roof doctor quoted me $9k, handyman said probably $5k, home inspector said $15k you can get a new shingle roof. I am waiting to see how bad it is and how good the tenant is to see if I am going to hold this house for a long term. If I am going to sell it, I will repair or replace the dry rots, paint exterior, and repair the roof. If I am going to hold it for a long time, then probably get a new roof.

Rent: the rent process was more stressful than I thought. After three weekends' of showing to about 15-20 groups of people, I decided to rent to a couple relocating back to California (credit it 580, lower than my required 650, but with parents as co-signer, parents have good jobs and own a house, and local in town). The rent is $2345+$50 pet fee excluding utilities. It was not an easy rent, considering I rented out my last house (well, 6 years ago) after only one show. I know this house has its problems (the master bedroom is too small). I will probably sell it after this couple moves out in 2 years to do 1031 exchange.