Townhome/condo BRRRR or Flip

[Wesley B Williams]

Investment Info:

Condo buy & hold investment in Louisville.

Purchase price: $73,000
Cash invested: $20,000

Full cosmetic rehab of a townhome style condo, that will either be used as a medium term rental for traveling nurses or flipped.

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

Networking with other investors showed me other long term buy and hold options other than traditional rentals.

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

A friend thought of me when someone they knew needed to sell there property quickly.

How did you finance this deal?

Short term(6month) financing through a rehab loan at a local bank I've worked with before.

How did you add value to the deal?

Performing a full interior cosmetic rehab.

What was the outcome?

TBD

Lessons learned? Challenges?

Your network is powerful even from those not in the real estate business. More extensive rehab than anticipated...but it always is.

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

River City Bank in KY is great and has really worked with me to allow me to close deals quickly for BRRRR's. Jeanna Ashley specifically is really good.