Huntsville Duplex BRRRR

[Chris Mignone]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $85,000
Cash invested: $76,000
Sale price: $224,000

Our first property in Huntsville turned out to be the ideal BRRRR. Took about 6 weeks to get the property vacant and start renovations. The house needed a A LOT of work inside and out. Property appraised for 224k after repairs and we got 75% cash out on the refinance for a 168k loan. So we got our cash out and walked away with about 7k profit tax free on the refi. Both units are rented out for $900/month and we'll cash flow about $400/month with contingencies in place.

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

I have always wanted to complete a successful BRRRR

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

Marketed direct to seller. Older, tired landlord.

How did you finance this deal?

My own cash

How did you add value to the deal?

Complete remodel

What was the outcome?

Couldn't have worked out better

Lessons learned? Challenges?

The lender was a bit of a nightmare but we got the deal done and the terms worked out in our favor