SFR BRRR Rented and then sold off after 12+ mo. holding period

[Christopher Brian]

Investment Info:

Single-family residence buy & hold investment in Roanoke.

Purchase price: $29,000
Cash invested: $14,000
Sale price: $74,500

Nice, brick SFR that had been used as an illegal boarding house. Prior owner/tenants had taken out support structures inside the home that cause minor foundation issues. We have updated plumbing, electric, and corrected foundation/settling issues. Images from before.

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

Helping the neighborhood-reclaiming a nice old house that we converted to a SFR for a 1st timer.

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

Chris Martin-local agent in Roanoke-thanks, Chris!!

How did you finance this deal?

Working in the back of restaurants since age 14.

How did you add value to the deal?

Rehab. Those floors turned out great. Plaster repair. Foundation repair-that was the big one.

What was the outcome?

Positive ROI. Sold to a 1st time homebuyer. Happy neighbors.

Lessons learned? Challenges?

1. Why does this always have to be so expensive! 2. Use contractors who don't (...).