My First Single Family BRR

[Shaw Weeks]

Investment Info:

Single-family residence other investment.

Purchase price: $116,000
Cash invested: $15,000

First BRR (Buy, Rehab, Rent). Used a Cuso mortgage and renovated top to bottom. New bathroom, Kitchen, refinished hardwoods and much more all done on my nights and weekends.

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

I wanted to try a single family rehab and use my carpentry/handman skills.

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

Found on the MLS. Offered a thousand over asking as the property was in need of a lot of work but in a great neighborhood.

How did you finance this deal?

CUSO Home lending mortgage.

How did you add value to the deal?

Tons of labor and time went into forced appreciation. I wasn't ready to finance a big reno using contractors so I was able to complete a ton of work on my own and with the help of friends.

What was the outcome?

Leased signed for May 1, 2022 for $1650.

Lessons learned? Challenges?

I learned that to be efficient you really can't do it all yourself in a timely manner. This property has provided lots of equity and a good deal of cash flow so I can work on building relationships with other contractors to become more efficient with my next BRRRR.