New BRRRR Property in Cleveland

[Jack Krusinski]

Investment Info:

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

Purchase price: $170,000
Cash invested: $30,000

In the middle of this project now. Bought it for $170,000 and thinking ARV is around $250,000. Doesn't need too much work. Only needs a roof, exterior painting and some small cosmetic updates in the left unit. Love this deal because it is a 6-bed 2-bathroom side by side duplex. We have found that we have less tenant turnover when we have a side by side or the unit is 3+ bedrooms. In the process of trying to figure out if it will be a BRRRR for us or if we can get a line of credit against it.

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

Side by side douplex in a good area.

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

Cold call and working with the seller on their terms.

How did you finance this deal?

Personal cash.

How did you add value to the deal?

Kithcen, roof and some exterior work

What was the outcome?

Still in the middle of the deal but it is going to be a good BRRRR with great monthly cashflow.

Lessons learned? Challenges?

Always follow up and always have the sellers best interest in mind.