First BRRRR + (Out of State BRRRR) Complete

[Maurice Blackledge]

Investment Info:

Single-family residence hard money loan investment.

Purchase price: $35,000
Cash invested: $45,000

Found this deal from a local GC.

Purchase: 35k
Rehab: 45k
Duration: 5 months
ARV: 140k
Rents: 1200/mo
Exit: Cashout Refi

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

Great neighborhood and location for strong ARV compared to purchase price

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

Found this deal through a local GC. The seller was given the property through a trust from her grandparents. She did not want the house but didn't know what to do with it.

How did you finance this deal?

Hard Money Loan - Longhorn Investments

How did you add value to the deal?

Fix water issues, full cosmetic facelift, replace furnace, new appliances, flooring, paint

What was the outcome?

A cash-out refi, renter placed at 1200/mo

Lessons learned? Challenges?

Inspect what you expect( harder when you are out of state, so have boots on the ground you can trust). Always plan to go over budget. I had to let go of the GC halfway through the project which increased the budget and duration of the project. Get multiple bids on any project as well. Also, start the refi process before the project is complete so you can plan for any unforeseen circumstances that may delay your closing