So last Wednesday we closed on our second multifamily property. It's a 3-unit vacant property in need of some work. We bought for a great deal as it was a bank owned property. We are putting some money into it to renovate and produce maximum rent. While we've done similar things before, this is our first real BRRRR as they call it. Our goal is to renovate one of the units and get it rented immediately while we focus on the other 2 units. The top 2 units are accessed differently than the bottom one so it should be easy to renovate the top 2 without much (if any) disturbance to the tenant on the bottom unit.
We recently partnered with another individual and are doing this entire project with all cash. The goal once all 3 units are rented is to refinance with the bank, pull all the money out that we put into it, and create an "infinite return" scenario since we'll have no money into it. It should be a fun project that creates cash flow for life without having to keep any money in it after the renovation.
I'll post again once we've refinanced and let everyone know how the project went. We're looking forward to doing many more just like this. Now, to find more of them!
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