Updated over 4 years ago on . Most recent reply
Brick Ranch on a Slab BRRRR
Investment Info:
Single-family residence buy & hold investment in Lexington.
Purchase price: $100,000
Cash invested: $9,000
3 bed 1 bath brick ranch in a quiet neighborhood. Large fenced yard and vaulted ceiling in the living area.
What made you interested in investing in this type of deal?
Property was in really rough shape, dog/cat smell, horrible listing photos, overpriced but was a simple brick ranch on a slab
How did you find this deal and how did you negotiate it?
Purchased directly off the MLS using a cash (heloc) quick close offer and allowing the seller to live rent free for a couple months to assist her with the transition to her new home. It was overpriced and had some offensive pet odors so it sat on the market for a few weeks which, combined with the post-closing occupancy, allowed me to make a lower offer that didn't offend the seller.
How did you finance this deal?
Used a HELOC
How did you add value to the deal?
Completely renovated the interior, all new cabinets, floors, paint, countertops and appliances.
What was the outcome?
Immediately rented at a premium due to the high level of finish and location.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
As an agent, I handled all the negotiations and paperwork regarding the offer and the post closing occupancy.
