First BRRR Investment

[Krissie Poplin]

Investment Info:

Single-family residence note investment investment in Wadena.

Purchase price: $53,500
Cash invested: $25,000

This property is a single family 3 bed 1 bath home with a finished basement & an attached garage in a small community. It's located in a quiet neighborhood right across from an elementary school.

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

This was our very first deal ever.

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

We found this deal as a foreclosure in our local community. We actually put in an offer at asking with a 30 year conventional loan and somehow we lucked out and got it. Still forever grateful for this deal, this started our investing career.

How did you finance this deal?

This deal was financed with a 30 year conventional loan with 20% down.

How did you add value to the deal?

We had to rehab this property by cleaning, repainting, installing new lighting, removing mold from the basement, and installing new plumbing. We invested $10,000 in cash into the rehab.

What was the outcome?

We have since done a cash-out-refinance on this property and used the funds to invest in another multifamily property.