Updated over 3 years ago on . Most recent reply
My first investment home
Investment Info:
Single-family residence private money loan investment.
Purchase price: $38,000
Cash invested: $32,000
Bought this single family home intended as a live in BRRR. We plan to refinance it in the next month or two as the renovations are nearly complete.
What made you interested in investing in this type of deal?
Didn't qualify for conventional loan due to my student loans. I wanted a house I could add value to and found this. Then had to figure out how to finance it. Hadn't heard of Bigger Pockets until after this purchase.
How did you find this deal and how did you negotiate it?
It was off market. My brother told me he saw the for sale sign. Negotiated face to face with the home owner.
How did you finance this deal?
Private money 100% purchase and renovations
How did you add value to the deal?
Replaced rotten floor joists, brand new bathroom, new kitchen, new electrical, new plumbing, new paint.
Lessons learned? Challenges?
Lot of work to do myself. Would rather hire a contractor and get it done quicker.
