Pro Tips for first investment property

[Ryan G.]

Hi Everyone!!

Just closed on a fixer upper foreclosure (value add for sure). I want to be hands on with this first BURRRR so that I know what good and right looks like moving forward, and I also want to know what time frame looks like.

The first thing I started to look up was a roll off dumpster (30 yr for about $450) and that got me thinking about the 99999 pro friends I have on BP.

So I’d love to hear:

- Any hacks that you have learned

- what NOT to pour money into

- I’d like to go w/o a contractor, so any insight here would help

- Anything else you wish you would have known

[Whitney Hutten]

@Ryan G. What kinda of budget did you put together before you closed? What was your purchase and what is your ARV? What kind of rehabs are your competitors doing in the area?

I usually do:

- all new paint

- all new flooring

- new kitchen (countertops, tile backsplash, lighting, appliances)

- new bathroom (vanity, fixtures, lighting)

Then I look to make sure the mechanicals are solid and I won't have any capex in the first 7-10 years.