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Updated almost 3 years ago on .

User Stats

44
Posts
45
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James Back
  • Rental Property Investor
  • West Chester Ohio
45
Votes |
44
Posts

Hamilton OH BRRR deal

James Back
  • Rental Property Investor
  • West Chester Ohio
Posted

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $71,000
Cash invested: $11,000

SFH in Hamilton Ohio. Bought it from an old lady that had dimentia and needed to move in with relatives. She left the tub on and collapsed the ceiling and ruined the hardwood floors. She and her family sold it to me for payoff just to stop the bills. I completed the rehab myself, with exception of carpet and countertops. This will be a BRRR for me.

Square Feet: 843
Bedrooms: 2
Bathrooms: 1
Garage: 1 car
Basement: Yes
Monthly Rent: $1,100
Reno budget: $11,000
Purchased with: Cash from Primary Residence Heloc, rehab funded by a mix of Home Depot 12 month 0% interest, and cash from reserve account.

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

It was well below market value, didnt need a huge reno budget, was an easy BRRR decision. It is also located in a great area in the city it is in, and will have small appreciation over time.

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

Word of mouth from people that know i invest in real estate. There was no negotiation needed, they just wanted payoff, and payoff was a reasonable ask for the value of the house.

How did you finance this deal?

I purchased with a mix of cash from a Heloc on my primary residence, and cash reserves from other rentals i have.

How did you add value to the deal?

Remodeled the inside of the house, and updated the bathroom.

What was the outcome?

Still waiting to refi, but currently have tenants in place that cashflow $493/month after putting away for capex and vacancy.

Lessons learned? Challenges?

Tell everyone you know that youre involved in real estate. You never know where opportunities can come from.

  • James Back