All Forum Posts by: Account Closed

 Its about 2,200 sq ft! Georgia can have great bargains!

 Thanks Chris! I'm a fan of before and afters too. I'll try to round up some more and post them!

Hello BP,

We've completed another flip, and I thought I'd share some pictures and numbers.

This house was pretty simple. Mostly a paint and carpet rehab. Holding costs ended up biting us in the butt.

Purchase Price - $106,000

Expenses - $26,000 (rehab, holding, cost of sale, interest, etc)

Sold - $145,000

Gross Profit - $13,000

Not super great, but not horrible. Definitely looking for a better lick on the next one. Our investor made more than we did! :)

Thoughts? Thanks!

Georgia bro's for life! Yea, they are up 85N before you get to SC. Thanks!

Yea, I agree whole heartedly Ethan! School doesn't teach the practical things necessary to achieve financial freedom!

@Mark Ferguson That was actually my business partner asking that question to the forums from my page. Thanks! That was one of his properties that he refinanced!

@Alex BalagnaHaha! Thanks man! If I'm ever in SoCal, let's connect.

@Nathan Clark"Does no one else find this incredibly risky? Lets say you cash flowed 300(est) per door a month. That's $7,200 a month if all of your properties are occupied.. Doesn't count for how you'll get your properties up to rental condition? Where is that cash coming from? $4,000(est) per house is= 96,000 just to get them in rental condition.

You won't be able to get them all done at the same time, so you'll have high vacancy for a while. What if 2 of them need a roof in a month? That's $10,000 expense that destroy's your monthly income and I believe you said you don't have a job right now.

Not trying to be a debbie downer, I hope it all works out. But You need a large sum of cash to help mitigate your risk and that you can live on. More info would be super helpful."

Nathan, thanks for the reply! We do have a stockpile of cash for unexpected circumstances and also have a monthly budget that is set aside strictly for unexpected problems. As of right now, the properties are in 100% rentable condition. They are also all occupied so we have full rent coming in every month. I didn't quit my job just to lean  solely on this property for income. I have other sources of income including the house flips I'm involved in as well. Hope that helps explain a bit more. Thanks again for the concern!!!

@Darren Eady"As someone who has accumulated over 40 properties in the last fourteen months, I'm not sure we should all be congratulating Harrison just yet. Borrowing is not earning and buying does not guarantee performance!

It takes approximately 3-6 months to stabilize each rental property and I've been able to work through about 5 per month at max. Buying 24 at once sounds great, but Harrison has a bunch of work in front of him and his story may sound as dramatic (in a different way) in about six months as it does now.

The BRRR strategy is a good one, even better if you can do it without using your own funds like Harrison. I would suggest to those reading this post that they take it one property at a time. There has to be some room in BRRSR to add an "S" for "stabilize" into the acronym."

Darren, you are a beast and I congratulate you on your accomplishments! This purchase I wrote about was a lengthy one to vet. I did a good bit of due diligence on each house along with my business partner/mentor. I have a lot of support and the properties are 100% occupied without extensive repairs needed. Also, it appears most of the main capital expenditures are doing ok for now, i.e. roofs, HVAC's, etc. On top of all that, the properties cash flow VERY well. I appreciate your concern though and I'll be careful to prepare for the worst!

@Logan Allec"How did you find the private money?" I sought out an older family friend that I've talked business with for years. I've been able to prove to him over the years that I'm motivated yet conservative with my money. He believed in me (as well as the deal) enough to invest. I understand that most people may not have that kind of person in their corner, but I do pay him every month, just like a normal loan, and at a good interest rate I might add ;).