Closed on a BRRR project yesterday!

[Emma Hustis]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $90,000

Just purchased this house and plan to BRRR it. Working on getting the current tenant out of there (not paying rent and not taking care of the house) before we can do anything with it.

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

I am interested in long term rentals (single or multifamily) and it was a great deal.

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

I found this deal by sending post cards to the owners of dilapidated houses asking if they would like to sell. When the owners reached out to me to let me know they would be interested in selling it I negotiated the price by telling them I would buy it as-is and deal with the difficult tenant who had been taking advantage of them.

How did you finance this deal?

The seller's financed $70,000 and I put $20,000 down. The down payment and rehab budget ($40,000) are coming from my dad who is being paid back at a 10% interest.

How did you add value to the deal?

Finding a good off market deal! I am also a Realtor so I know how to move through a transaction. I helped explain everything to the sellers along the way even though I didn't technically represent them, this made them feel at ease when deciding to sell to me.

What was the outcome?

Not sure yet... Just closed on the house yesterday. First step is to get the tenant out.