Single family modified BRRRR

[James Lanier]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $243,000
Cash invested: $100,000

Turned a 2 bedroom and 1 bath into a 4 bedroom 2 bath. Renting it for $3,500 and the mortgage is $1453. I plan to cash out refinance in January. Somewhat a modified BRRRR supplemented also by my 9-5 career.

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

Experiment to see if I can increase the volatility of the money I invest.

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

Walking my dog around the neighborhood. Offered 25% down, 30 day close

How did you finance this deal?

I financed the deal with a HELOC and the renovation were financed mainly with funds from a cash out refinance

How did you add value to the deal?

Changed the property from a 2bdrm, 1 bath to a 4bdrm, 2 bath

What was the outcome?

The experiment is not complete. I will update in January after the cash out refinance.

Lessons learned? Challenges?

I’ll update in January.