Buy, Rehab, Rent — Partial BRRRR

We purchased this 2 bedroom, 1 bathroom home in January 2025. We used a private money loan from a family member and bank financing to execute this deal.

This will be a substantial renovation. We plan to replace the roof and gutters, turn the garage into an extra bedroom (converting the property from a 2- into a 3-bedroom residence), fully renovate the bathroom, install electric baseboards, replace the electrical box, and many other repairs. Then, we will rent the property to a tenant (we have already found a tenant). Due to the terms of the bank loan, we are unable to refinance it after renovating and renting the property.