Our first BRRR Scottsdale AZ

[Jamar Taylor]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $600,000
Cash invested: $130,000

We did a BRRR on this property. Got it for 600k and put 130k into it. After about six months we were able to do a cash-out refi and take all of our money out with still keeping about 30% worth of equity in the property!

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

Initially, I acquired this property for my wife. During the process of renovating I received my real estate license. Once we finished the project I wanted to sell, especially in today's market. We had a few offers, but when we got it pre-appraised we loved the equity we were able to get by just doing a cosmetic update. We decided to keep the property because of its location and Airbnb. We were able to pull out all of our money and cash flow right away!

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

We found this property off of the MLS

How did you finance this deal?

We financed the deal with our own money, this is why the cash-out refi was so important to us

How did you add value to the deal?

We did a cosmetic fix but also added about 400sqft to the home.

Lessons learned? Challenges?

The one big challenge that we faced was just dealing with contractors. All contractors will have something that you don't like. It was a big tug and pull when it came to what my wife wanted the home to look like and what the GC wanted to do. All in all, we were able to work everything out.

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

Jamar Taylor (retsy) great real estate agent!