615 NE 45th Terrace

Goal

Apply the BRRR strategy which we mean rehabbing the property at a cost that allows us to turn it into a turnkey rental property that would meet the 1% rule after we refinanced and pull our costs out of it.

Budget

$50,000

City

Kansas City

What we learned

We purchased this project going into the fall after completing eleven prior flips for the year. Our contractors were anxious for new projects and unfortunately we moved forward on this property.

Takeaways:

  • Don't let your contractors push you into making bad purchases. It takes two three good properties to make up for the hrs and resources lost on a bad property.
  • Put a strict deadline on your crew and confirm they understand that you will hire another crew if they stop showing up. Our contractors took on other projects and delayed the finish. Everyday you hold a property cost you time and impacts your bottom line.

In the end, we met our goal. It is a turnkey rental with property management in place at renting at $1325/mo.

Project Overview

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