Fairfield Ohio BRRR Condo

[James Back]

Investment Info:

Condo buy & hold investment in Fairfield.

Purchase price: $36,000
Cash invested: $12,000

2 bed 1 bath ground floor condo. Complete rehab except tub, everything was already ripped out. Did all of the work myself, new stainless steel appliances. Expect to rent out at $900/month. Purchased with cash, funded the rehab with home depot financing and Heloc. Expect to Refi out all of my cash invested, so BRRR into a free (minus sweat equity) property.

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

The numbers worked.

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

My realtor brought it to me. Off market deal, another investor had too many go vacant at once and needed to get rid of the one that needed the most work.

How did you finance this deal?

Cash purchase, home depot 0% financing 24 months for materials (will pay off with refi in 6 months), Cash reserves for other materials.

How did you add value to the deal?

Complete reno to the inside.

Lessons learned? Challenges?

You can use Fannie Mae "Delayed Financing" to immediately refinance a purchase to get your cash back quick.

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

Chris Britton Union Home Mortgage