New BRRRR in Birmingham

[KT Burkholder]

Investment Info:

Single-family residence buy & hold investment in Birmingham.

Purchase price: $25,000
Cash invested: $65,000

Purchase of $25,000
Rehab is $40,000
ARV $160,000+

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

We are actively looking for abandoned and vacant properties that can be brought back to life. This one had been vacant for over 4 years and bought at Tax auction. After title was cleared we bought it for $25k and are in the process of turning it into a great home for a new tenants.

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

Craigslist

How did you finance this deal?

Cash on hand

How did you add value to the deal?

Renovation

What was the outcome?

In process

Lessons learned? Challenges?

When you are building an airplane (team) on the way down it always takes more time and more stress than you expected. However, pulling the team together for the first time before the process starts will show you who is a chicken (interested) and not a pig (commited).

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

Evernest and the entire teams has been amazing. Great to have not only boots on the ground, but eyes and hands in the mix.