My first BRRRR Deal, it's no DIY project

[Monty McLamb]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $144,000

My first BRRRR deal. Used HELOC to buy and a business credit line to rehab. Once the rehab was complete and the unit was rented, I refinanced 80% of the value and paid off both lines of credit. $0 of my own money invested.

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

I went to school in Greenville and it was a more affordable area than where I live.

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

Found on MLS. It was listed only 4 days before I closed.

How did you finance this deal?

HELOC to purchase home and a business credit line to pay for rehab costs

How did you add value to the deal?

Basic rehab and updated some deferred maintenance.

What was the outcome?

It rented immediately after the rehab was completed.

Lessons learned? Challenges?

I tried to do too much of the rehab work myself (to save money.) It took 3-4 months longer than it should have. I really didn't save a lot of money, I lost 4 month's of rent, I did this in addition to a full-time job and worked myself to death. If I can't buy the property and afford a contractor, I don't buy the property.

[Ross Gortney]

Congrats, Monty!  Sounds like overall it worked out well for you and you learned some things!

What were the rehab costs and overall deal costs, and what rent are you now pulling in on it??