Fix and Flip but turned into a BRRR

[Chad Spanberger]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $30,000
Cash invested: $60,000

When we first bought this we thought we would fix and flip it. But, it sat on the market for a few months and a couple came to us and wanted to do rent to own. As we all now the market exploded so we refinanced it and pulled $60,000 and we used this money to buy another investment property and used the rest for a down payment on my own home. We just listed it for $185,000 and if it sells for that we will get another $35,000!

How did you finance this deal?

Owner finance and cash for remodel

How did you add value to the deal?

We bought this house that had been completely gutted to its studs. We converted the attached garage into a primary suit, laundry, and mud room. The only thing we kept was the metal roof, exterior studs, and floor joist.

Lessons learned? Challenges?

I personally learned so much from the construction side of the business. My partner and I did all the work besides the HVAC.