First BRRR property. Purchased vacant duplex across the street from a current investment. Rehabbed most of the stuff myself except for supply lines in the plumbing. Took a bit longer than hoped but didn't go over my estimate by more than a couple weeks. Expenses also went over by about 5k so that was doable.

What made you interested in investing in this type of deal?

Wanted to try a BRRR and have no cash involved. Also wanted to buy this property as it was a board up directly across from my first investment property so by improving it I helped the neighborhood values and keeping the area up.

How did you find this deal and how did you negotiate it?

I had actually sent a letter and tried to call the owner several times on this. Then an agent in the area approached me because they knew I was looking in the area and they knew the owner's nephew who had inherited it just recently and wanted nothing to do with it.
Funny thing is that the agent saw how much I liked it and tried to buy it herself but then last minute her money fell through so she came back to me and I had 2 weeks to buy it before probate got involved.

How did you finance this deal?

Hard money for the purchase price. Personal loan for the rehab. If you read my summary you can see how this worked out.
Then refinanced into conventional after rehab at 6 months.

How did you add value to the deal?

Hauled out the trash, stripped the carpets, kilzed everything. Put new PEX supply lines in, repainted everything, rebuilt some windows and repaired others. New AC units due to the existing units being stolen the day of closing. New LVP flooring put down. Bathtubs refinished, shower walls replaced and new hardware. New fixtures. Sanded cabinets and repainted. Overall mostly cosmetic items.

What was the outcome?

A fair out come. Would like to have cashed out more. Would rather not have to spend so much time myself on the next project. I pretty much spent the last 3 months of the project working on it day/night.

Lessons learned? Challenges?

Lessons learned:
1. Contract out more of the work. Doing it myself took to long and holding costs/time probably cost me more.
2. Don't get distracted with the whole project when working on a specific task.
3. Figure out a better refi. I had hard money for the purchase and got a personal loan for the rehab (half the interest rate). However when refinancing I was not able to get that personal loan included in the cashout.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Hard money lender was great and I'll use him again. Refinance lender was ok and I'm actually using them again for a house hack but I don't think they'll be a top of my list for another BRRR refinance due to their restrictions.