MY FIRST BRRRR!!! Very proud!

[Matthew Seeley]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $62,226
Cash invested: $124,000

This is my first BRRRR that I purchased in July 2020. I completely renovated this 1905 duplex top to bottom. Added in-unit laundry rooms, new kitchens, new bathrooms with subway tile, roof, electrical and all new plumbing, minor landscaping and fresh exterior and interior paint. I was able to rent the 2 units out within 2 weeks and at top rent. I now pocket around $1,500 per month after expenses on my first BRRRR.

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

The long term wealth that can be created with this type of deal.

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

I have been a real estate agent for over 14 years. It was on the market for over a year. The bought it right before the market took off and bought it 40% under value.

How did you finance this deal?

Private money loan

How did you add value to the deal?

New roof, new bathrooms, new kitchens, new electrical, all new plumbing, added in-unit laundry to both units. Flooring and fresh paint

What was the outcome?

I was able to rent out both apartments within 2 weeks for top rent in the neighborhood and I pocket $1,500 p/m after expenses.

Lessons learned? Challenges?

Too many too list! An incredible learning experience. Finding a reliable contractor and getting the project completed in the timely manner was the biggest challenge.