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 was a substantial renovation. We replaced the roof and gutters, turned the garage into an extra bedroom (converting the property from a 2- into a 3-bedroom residence), fully renovated the bathroom, installed electric baseboard heaters, replaced the electrical panel and all windows, and many other repairs. We then rented the property out. Due to the terms of the bank loan, we are unable to refinance it after renovating and renting the property.