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Updated about 3 years ago,
Our first BRRRR project - still in progress
Investment Info:
Single-family residence buy & hold investment in Barto.
Single Family Home in rural area
What made you interested in investing in this type of deal?
We wanted something to hold and short term rental and have the know how in construction. Finding a deal in today's market seems impossible, so we went the BRRRR route for our first investment.
How did you find this deal and how did you negotiate it?
Found it on MLS. Popped up in my feed on Refin and I drove out to look at it that morning, met my Realtor there the next day and placed the offer a day later.
How did you finance this deal?
It was a cash only and we used our savings to get it. I was nervous about using hard money to start off with since we've never rehabbed a place and wasn't sure if this was going to work or if I was in over my head.
How did you add value to the deal?
We are doing some of the work ourselves and hiring contractors for the electrical (my aunt is an electrician doing the work not the side) and through networking we found HVAC and plumbers.
What was the outcome?
Still working on the project. We gave our selves 6 months to complete so it will hopefully be on schedule and finished by April 2022
Lessons learned? Challenges?
Needing a new septic was quite a surprise --- in fact it needs everything new - but its a small place in a great quiet location - so we are learning a lot about a lot which will be super helpful in our next project.