Hud foreclosure to BRRRR

[Robert Reeves]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $76,000
Cash invested: $35,000

Started as a Hud foreclosure I bought that was in bad shape, had copper robbed from it and more. Borrowed initial cash to close from family, and put all the remodel onto credit cards and some savings, remodeled the whole thing refinanced back out all of the initial and remodel cost.

How did you add value to the deal?

Lived in it 2 years and in that time the property flooded during Harvey and with insurance I was able to upgrade everything I didn't do during the first remodel (repipe to pex, updated double pane windows, spray in insulation) and since have had it leased up to current.

What was the outcome?

Increased value and Cashflow