Second BRRRR, Kansas City, MO

[Johny Omaga]

Our Second BRRRR! We went over budget and finished later than planned but it's finally completed; enough to at least put on the market. Definitely learned a lot from this project. This was our first home that we won through a state foreclosure auction. There were huge delays because It was tagged as a dangerous building and we were never told prior to bidding. We were able to negotiate and get discount from the bank but we never knew the extent of the work involved. We also didn't know there was a swimming pool in the back that we ended up taking down. Moral of the story, always prepare for the worst. Keep numbers as tight as possible. We will now project numbers at 70%-75% ltv of arv not comps alone and keep a solid contract with specific dates with our contractor. The yard still needs a lot of work and the porch needs to be painted but we now have to wait for winter to pass. To the least we can now have it rented and refinance as soon as possible. As you might've noticed. The materials were similar. The goal is to have a self sustained system where we can manage to rehab multiple a month. That said, single family homes are fun but we are definitely going to move to multi families which are probably more efficient. Don't think we will hit our 5 home goal by eoy but definitely enjoying the learning experience and process to get there.

BEFORE

...We replaced the hvac system, the whole plumbing, some electrical, base boarded the whole house, replaced doors, painted everything, cleaned out and rehabbed the basement, tiled up 2000 st ft, removed over 1000sqft above ground pool, repaired the roof, re shaped the porch, sanded and prepped the bottom portion to put stone, plowed the dirt to put seeds, repainted the complete interior and complete exterior, and got appliances. ALSO, homeless came in and stripped the whole home with copper and most likely camped in it while it was uninhabited...

I will update the post with numbers as soon as possible.

 
AFTER

We appreciate all the comments and opinions!