A BRRRR into a STR in Charleston

[Sarah Young]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $30,000
Cash invested: $50,000

I flipped this property and kept it as an STR. Invested $80k, and now it cash flows $3k/month as an STR.

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

I love having STRs and BBSTRRs are my favorite strategy for the lowest investment (I usually get cash back at the refi closing table), and the biggest return.

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

I bought it from a Wholesaler.

How did you finance this deal?

Hard money loan through www.rehabwallet.com.

How did you add value to the deal?

Complete renovation & stylish decor.

What was the outcome?

It appraised for $225k once we were done so we recouped all our investment, plus some!

Lessons learned? Challenges?

This one was pretty smooth. The biggest challenge was getting the city to come out and turn on the power. Because the house had been vacant for years, the city had removed the electrical box and wires to the house. It was a bit of a challenge jumping through their hoops to get power on, but we eventually did.

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

Yes! www.rehabwallet.com is the best hard money lender! We love working with them!

[Ryan Deasy]

@Sarah Young

wow! great looking place and amazing STR cash flow. good for you! happy to see this worked out.