BRRRR Cash Out Refinance Rental in Philly

[Marisa Amirian]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $105,000
Cash invested: $145,000

BRRRed! Cash out refinanced and rented! 3 bedroom 2 bathroom Philly rowhome.

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

it was in an area of Philadelphia that was convenient that I liked. It didn't need a TON of work but still needed rehab.

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

MLS through my realtor.

How did you finance this deal?

I paid cash.

How did you add value to the deal?

I updated kitchen and bathroom and new roof and patio in the backyard.

What was the outcome?

BRRR cash out refinance and successful rent with no vacancies ever since. It appraised well and I got most of my money out. And it has appreciated mucho ever since.

Lessons learned? Challenges?

OOF....do everything you need to in the beginning. I should have rehabbed more....there are still some maintenance issues that I wish I took care of....it didn't set out to be a BRRR I think I accidentally made that happen. But the area is a good area for Philly and I learned that I really like that location.

[Eric Greenberg]

 Awesome to hear! What area of the city is this in? 

I feel the same way with a few rehabs where I wish I would have done a little bit more to dial everything in rather than pinching pennies during the rehab process.