New SFR BRRRR in Cleveland Heights

[Eric Prescott]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $120,000
Cash invested: $26,000

SFR was mid-rehab when the owner, who had been working at it for a while, put it up for sale. We're going to re-do some of the work, especially the flooring, and bring it up to tip-top shape in a few weeks and put a tenant in there by the end of March for $1800+/mo.

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

After buying 3 properties that are basically amounting to slow flips and one property that was flipped by an investor before me and I was dumb enough to buy it from them, I wanted to get into value-add to force appreciation, especially when the rehab was primarily cosmetic, which this is.

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

MLS. Through my agent. Used an appraisal to negotiate a lower price.

How did you finance this deal?

Hard money with 15% down out of pocket.

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

Ada Taylor (agent, Howard Hanna)
Elliott Taylor (property manager, renovation services) - no relation to Ada Taylor