My step by step BRRRR

[Lesley Resnick]

I am going to document my current BRRRR project in Jacksonville, Fl.

It is 3/1 and 1100 sq ft detached garage 

I bought the house on Thursday for 36k.  See pics below.

My goal is have it apprise for 75k and refi LTV of 75% = 56k budget. I may not be able to get all my money, but it will be close.

I spoke to a lender a while ago that said, if it was a cash purchase and a major reno, there would be no seasoning.

Rent 800.  It will go under property management 

It needs:

A/C  - Hot-water heater

Kitchen

Appliances

Floor

PAINT - the current colors are amazing. 

Bathroom  It is in good shape, but there is a soft spot, that may be an indication of a bigger issue

Roof is new 

I only want to spend 20k on the reno, I can find low cost materials.  The labor may do me in.

I did not take a photo of the front of the house.  I will add it to the next post.

Previous owner started the trash out without using a dumpster

Notice the closet, ceiling and wall are all B L U E !!

In defense of the prior painter, the University of Florida's colors are....

Needs paint, but looks pretty good.  A brown bathroom is never a good idea.

Upper right corner is the soft spot.

Living room 

Master

Kitchen countertop matches the backsplash 

So, the city cited me for the trash, I have 15 days to clean it up.  I have a dumpster arriving on Monday and some kid labor to clean it.

[Lesley Resnick]

Originally posted by @Roy Moses:

Wow that's incredible!

Can you say how much the renovations cost and all of your expenses in total to get to the finished product? 

Once I started to dig in, I decided that I would go for the 2nd bathroom and change the profile of the house. My original estimates are out the window, see updated.

The loan is scheduled to close December 27th or 28th, depending on the title co. I still need to make a final decision on which loan I am going to take. They owe me the final numbers. I will cover that next week.

Summary of my costs:

Purchase                      36,000

Contractor                    38,254

Trash Out                      Included in Reno

Air Conditioning           3,500

Plumbing                       3,689

Water Heater                355

Floor Refinish                1,744

Floor Installation           1,300

Blinds                               256

Tile                                   1,015

Appliances                      1,004

Appraisal cost                 500

4 point inspection ins    55

Total Reno Cost              51,614

Purchase                         36,000

Total  Spend                    87,614

Appraisal                       126,000

70% LTV 88,200

NET CASH OUT           586