how far over budget did you go your first BRRR project

[Najeh Davenport]

so my first out of state investment property is current $7000 over budgets and looks like I have about another $8500 plus materials to go. thoughts? help ideals. the property is about 3000 soft the front side is currently done the back half is still a work in progress 

[Jonathan Greene]

The real question is why are you over budget? Where did you underestimate costs? Once you know this you can plan for this on your next one. What's the ARV of the property? Being $15,000 over budget is not great, but also not specific to you. Even experienced flippers and BRRRRers go over budget, usually for things that we could not see (behind the walls, bad electric, plumbing, etc.).

[Najeh Davenport]

where do I start, Outdated fuel box need to be replace, had to add a French drain due to flooding. etc etc  I think I would of been better off being my own GC doing everything myself. 

[Jose Jacob]

It seems like you have a 3000 sq.ft house. That's a pretty big house. Your exit is BRRRR. So $15K over budget on a 3000 sq.ft home with an exit strategy of a BRRRR is not that bad. If your exit is a flip I would be more careful. Out of State investing is not that simple. So many things can go wrong especially if you don't have a trustworthy GC. I do out of state investing but I studied the market over 6 months and spoke to several agents, contractors, Sphere of Influence before jumped in. Good Luck

[Greg Parker]

My rule of thumb is, plan for the worst case scenario on every item.  If a conservative profit of 20k is not in the numbers, I move on to the next one.