First BRRRRR in the books!

[Erica Gerard]

Investment Info:

Single-family residence buy & hold investment in Chattanooga.

Purchase price: $220,000
Cash invested: $40,000

Been studying for about 6 months prior to taking the plunge into out-of-state investing. Got really lucky with the split level SFH in a great neighborhood and only 15 minutes to downtown. My husband is an electrician so we felt comfortable taking on a basement renovation ourselves while living on the top finished main level. We plan to cash out refi in 6 months and start the process all over again! So grateful for the guidance of Rachel Richards, a teacher and investor herself.

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

I knew we wanted a SFH for house hacking purposes. The split level sold me.

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

I found it on the MLS and my agent got an appt for a showing the next morning after it was posted. She was instrumental in helping me negotiate and beat out the competition for a 20% cash-on-cash ROI. My goal was at least 12% so I'm thrilled.

How did you finance this deal?

We financed this property through a local credit union who gave us an amazing loan product that blew everyone else's out of the water.

Lessons learned? Challenges?

There are so many more loan products out there than you think. Don't settle! Just like in marriage, the more you date, the higher the chance you find the one.