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Updated over 2 years ago,

User Stats

16
Posts
16
Votes
Kyle Fugatt
  • Investor
  • Georgia
16
Votes |
16
Posts

1ST DEAL EVER!! ---- $100k+ BRRRR deal!!

Kyle Fugatt
  • Investor
  • Georgia
Posted

Investment Info:

Single-family residence hard money loan investment.

Purchase price: $50,000
Sale price: $210,000

VERY 1ST DEAL!!

Bought and renovated, used Hard Money, BRRRR deal.

Bought with Hard Money, Cash out Refi, pulled out 25k, rented for 15 months, sold for $210k during COVID!

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

1st deal, originally thought i would keep it forever...

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

Grandfather inherited and wanted to sell. he wanted 60k, we settled at 50k, wrote up private contract.

How did you finance this deal?

Hard Money Lender - local ATL lender.

How did you add value to the deal?

Renovated everything myself.

What was the outcome?

Cashed out 25k from refi (used that money to buy a mobile home), rented house for 15 months. After she moved out, we put $5k back in the house (New Roof, paint, new bath vanity), and listed for sale at $185k. Sold for $210k.

Lessons learned? Challenges?

Learned about lending from traditional to Hard money.

Learned construction work.

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

Yes! Paces Funding in Atlanta, GA.

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