Hit a few unexpected delays
The last time we made a progress update on our 2 unit rehab project, we were scheduled to be done by mid March. Bad news is that we were delayed a little bit, but the good news is that it was only by about two weeks.
When doing projects like this, delays are inevitable, and you should plan for them. Delays will add more money to your expense sheet in carrying costs (and likely) time and materials, but it should all be assumed from the outset, so you’re prepared.
For this project the delay had nothing to do with this property itself, but rather another project we are working on. The combination of weather, man power, and poor timing resulted in the delay. Fortunately, the finish line is here!
The project is complete! both units have been rented, leases signed, security deposit paid, and new residents have been given the green light to move in this weekend!
As was said in my original post on this topic, this is a long term investment. The strategy I used is commonly referred to as the BRRR Method – Buy, Renovate, Refi, Rent... Only in this case, I flipped the first two R’s – I Refinanced and then Renovated.
If you’re able to find a property that has been abandoned, is in dis-repair, or is just under market value, this is a great strategy to use for real estate investing. I’m always on the lookout for properties that may have some value adds to drastically bring up the value with a relatively small amount of investment.
If you are interested in investing in real estate, be it for your own personal residence, to flip, or to keep as a rental, please shoot me an email at firstname.lastname@example.org and I’d be happy to discuss.
This is part 4 in a series on buying and rehabbing an investment property. See Part 3 Here.