first BRRRR done. 03/05/2020

[Randy Wiley]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $36,000
Cash invested: $20,000

My wife bought this investment property, as a starter home before we met. Then I got the bug of owning REI. So we decided to update this house and do a BRRRR on it. We owned this property out right. We put 20,000 into it and then had it appraised. It appraised for 75,000. We were all in for 56,000. So we went to the bank and asked to pull a HELOC to buy our next home. They gave us 65,000 on our HELOC 90% of our AV.

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

We already owned the house.

How did you finance this deal?

We used our tax return, and money we have saved.

How did you add value to the deal?

We tore the whole back side of the house out down to the studs and dirt. Then we re-configured the layout, and used better material.

What was the outcome?

We got exactly what I thought we could for the house we have.

Lessons learned? Challenges?

I can do Anything with an open mind and a true heart.