Fort Worth, TX Success Story! BRRR Strategy.

[Thomas Abbott]

Hey BiggerPockets!

I wanted to take a moment to share my first real estate investing success story!  I recently completed a full renovation on a condo that I plan to refinance and rent.  The project served as a great learning experience for my first investment.  Pictures are shown below but the one thing that is missing from the photos is the putrid smell of cat urine and feces (along with other odors too).  The property required a full renovation.

Challenges/ Lesson Learned:

• It always takes double the anticipated time (and then some) to complete a task.
• Additionally, the biggest personal challenge was accepting to pay someone to complete something that I could have completed myself. In the end I realized, the time, stress and effort was not worth the money saved.

By the Numbers:

Purchase Price: $88,000

Renovation Costs: $18,000

ARV: $135,000+

Anticipated Rental Rate: $1500/month

HOA: $238/month

Special thanks to all those who motived me to take the plunge and start my first real estate investing project!