Potential first BRRRR

[Timothy Cummins]

I have a property that's could potentially be my first BRRRR property. I just got married a year ago, we just bought our house 6 months ago, my wife isn't on board (yet haha) and we aren't exactly rollin' in the dough. But I found a potentially great deal. The man who used to live in the house is now in a nursing home and the daughters were cleaning the house out when I met them. They want to sell quick and easy, aren't using a realtor and have no idea what they would sell it for. I have built great rapport and as far as I know I'm the only one she's told they want to sell. I have a pretty good idea of what ARV is going to be and will soon have a better idea of rehab cost and can go from there. If I'm able to get it cheap enough maybe I won't have trouble finding private money but I'm still looking into funding options. I really think this could be a great deal, cashflowing BRRRR in an amazing area, but at the same time I don't want to start us off on a bad note and risk too much this early in our marriage/careers.

Any thoughts, suggestions, tips and advice are welcome!

Any thoughts on partnering on a BRRRR. A friend mentioned that but I'm not sure about it.

[Brenden Mitchum]

Hey @Timothy Cummins!

Sounds like a very sticky situation to me. I'm tempted to say go for it if you know it's a fantastic deal because it will show your wife the power of REI. Now I would only do this if I had ran the numbers very conservatively and was confident in the returns. At the same time, I believe that family should always come first. So if you think that this deal turning sour may damage y'all's relationship, I would say it probably isn't worth the risk.

Have you tried bringing the deal to her on paper, like you would bring it to a lender, and show her what to expect? 

Partnering on a BRRRR is a great idea if you do not have the capital to do it on your own. You can also go the hard money route. I plan on doing one of those for my first BRRRR.

If you have any other questions please feel free to shoot me a message anytime.