Hello BiggerPockets Family!
This is my very first post and my first BRRRR. Very excited to share my story and to hear some feedback from all of you guys here!
Little background on myself
I was born and raised in Redding CA and currently live in San Jose Ca. I have been wanting to get into RE for the last couple years and finally pulled the trigger about a month and a half ago. After doing a lot of research here and reading some books I decided that a BRRRR would be my best choice for my first property. Since I know the area very well I decided to look in Redding since its a little cheaper then the Bay Area. I work a full-time job so I was only able to go up on the weekends and put in some serious hours. Found a real estate agent through my dad that he worked out with and found out that he has fifteen doors in the Redding area, worked out great since he knew the area even better than I did. After about a week of hunting I found the one, was a foreclosure that fit my needs. Is a 3/2 and only needed a mild rehab which was all I really wanted to tackle on my first one. The home was owned by an elderly couple that ended up being sent to a retirement home. The home for a foreclosure was actually in very condition considering. The entire rehab took me seven weekends from start to finish.
Ended up buying the house for $198,000 with 20% down. Closing costs were a little more than I expected due to the time of year I bought with taxes due. All in I was under budget with the remodel at $7,500 for material and the little labor that I used. Pretty much the entire inside of the house is brand new excluding the cabinets, countertops and master shower. Didn't have to do any major repair such as the roof or HVAC, the previous owner did that a couple years ago. All said and done my cash flow is right around $300 a month.
Surprisingly the entire process went much better than I ever thought that it would. Being my first property I learned a lot and already in the process of looking for my next one.
At the beginning of the year I plan on doing a flip or hopefully a couple. I will be using some of my money and will use a hard money loan to finance the rest of the property. My longterm goal is to start looking at some turn key properties out of state to bring some more cash flow.
All feedback and insights welcome here, thanks for reading!
