First Houston BRRRR / Flip

[Chris Bounds]

I haven't posted in this section BP yet.  Now seems like a good time!

This is the first investment property (Jan 2012) that my wife @Jamie Bounds & I bought in Houston. Without knowing the ridiculously long acronym at the time, we used the BRRRR (buy, rehab, rent, refinance, repeat) strategy. Since then the market has gone up dramatically (woohoo!) so we decided to cash out and use the proceeds to do more deals.

Here is a quick rundown on the details (numbers rounded): 

Deal type: pre-foreclosure
PP: $85k (100% hard money)
Rehab: $35k ($27k was hard money)
Rent: $1395 - $1450
Rehab 2: $31k
List Price : $234,900
Profit: Depends on the final sales price, but it will be a nice check to deposit.

Here are a few pictures.  

2012 Before (I wish I could attach the house smell to these)

2012 After (Clean & Basic remodel for a rental)

2015 After (Added the premium touches)

I wish we bought a lot more of these in 2012!