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Updated over 2 years ago,

User Stats

13
Posts
4
Votes
Robert Lomonte
  • Realtor
  • Blue Springs, MO
4
Votes |
13
Posts

BRRRR method to Airbnb

Robert Lomonte
  • Realtor
  • Blue Springs, MO
Posted

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $57,000
Cash invested: $65,000

This right here my folks is a picture of our first reficheck using BRRRR (Buy, Rehab, Rent, Refinance, Repeat).
We purchased a flip in Independence:
57k Purchase price
65k Rehab
Refinanced it
52k Cashed out equity 💥 (which will be reinvested!).
Now Kingshighway will be our first Airbnb (short term rental, STR)!
For the last 15 months we have been moving and grinding on multiple properties and we finally have some traction.

#welovewhatwedo #investment #biggerpockets #investor #airbnb #kcflippers #growthmindset #nevergiveup #investinginmyself #imworthit

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

Condition of the home, great location and the purchase price

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

I went to go view the property to confirm my thoughts on the purchase and the owner was there. I dont think WS planned on him being there. The owner was irritated with the wholesalers because of closing extensions and some other things. I told him nothing about the deal. I explained that I was a realtor/investor, if he ever had any other properties in the future to let me know. He called me a day or two later to offer me the house 5k below WSer's offer. He said he fired the wholesale company.

How did you finance this deal?

We used the profit from a previous flip to secure the 25% down needed for the loan

How did you add value to the deal?

Refinished hardwoods, completely updated the bathroom, opened a wall and complete gut/remodel of kitchen-all new appliances, new switches and outlets, Basement Finish: added 2 NC beds in basement, New water heater, 95% HE HVAC, foundation work

What was the outcome?

It is a great investment

Lessons learned? Challenges?

I would not purchase a 110 year old house again with hollow brick(not cinder block).

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

I am that guy!