Free Property? Why not.

[Andrew Postell]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $89,000

Another successful BRRRR Method property. This home was completely destroyed when purchased. Everything from the back yard to the driveway had to be worked on. When I purchased the property I came out of pocket around $300 and when I refinance I got cash back of $500. Anybody want any free houses? Yeah, me too.

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

This property is in my target geographical area and has the targeted property type and bedroom/bathroom count. This property checked all the boxes.

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

I found this deal through a wholesaler.

How did you finance this deal?

I financed the purchase through Hard Money and then refinanced with a conventional loan.

How did you add value to the deal?

Took about $40k in rehab to get this home rent ready.

What was the outcome?

Outcome is amazing! In one of the most desirable school zones in our city. This property is always rented.

Lessons learned? Challenges?

Take care of your partners. You might need them again one day.