First BRRRR in Bristol

[Heath D Wallace]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $75,000
Cash invested: $69,500

This a complete gut rehab. The foundation needs raising, the electrical breaker box needs updating, we are adding a bathroom, so it will be a 3 bed 2 bathroom once all is said and done. Everything else has been gutted to the studs.

What made you interested in investing in this type of deal?

I was looking to BRRRR a property and I wanted something close to where I know people. Also the Hard Rock Cafe just opened a Hotel/Casino.

How did you find this deal and how did you negotiate it?

I found a realtor on zillow from another posting. I told her what I was looking for, and she said I have just the thing.

How did you finance this deal?

HELOC from my primary residence.

How did you add value to the deal?

By adding a bathroom & updating the interior.

What was the outcome?

We shall see.

Lessons learned? Challenges?

It's hard to find a contractor in the Bristol area.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Donna Addington