On my way to first BRRRR

[Keith Thomas]

Investment Info:

Single-family residence other investment.

Purchase price: $210,000
Cash invested: $80,000

So this was a word of mouth by a co-Worker whos uncle passed away. So his mother was the executor. So I initially made an offer of 185k she wanted 250k and we landed at 210k due to the fact there was some drainage concerns in the back yard. Property sits on a big lot compared to the surrounding area. So once I am done due to other investments I want to pursue Ill make a decision to sell or Keep. This was my first time doing everything myself.

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

It came in at 50 cents on the dollar and I could be all in at 75% of the ARV so I know it should cash flow nicely.

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

Off Market word of mouth

How did you finance this deal?

Traditional finance through a local bank.

How did you add value to the deal?

New everything and adding a second bathroom really helps with a bonus room that could be used as a second office or workout room.

What was the outcome?

Still Working on the details

Lessons learned? Challenges?

Make sure you build the plan before you start the work.

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

Not on this deal.