My Long Distance BRRRR

[Bob Anthes]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $35,000
Cash invested: $150,000

This was a BRRRR, 100 year old home, complete rehab down to foundation and studs, added sq. footage, 2/1 to a 3/2. Added 2nd floor apartment with separate entrance. Currently and MTR with a NET monthly cash flow average $2000.00

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

This was a long distance opportunity. I fell in love with the City and saw it was going through gentrification and I wanted in.

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

Contractor found the deal, was part on an estate, I had to walk the seller through the courthouse proceedings because it was part of an estate with 7 siblings that needed to sign off.

How did you finance this deal?

Hard Money, plus my cash as the original estimate was allot more!

How did you add value to the deal?

Converted a 900 sq ft 2/1 to a 1200 sq ft 3/2, plus separate walk up apartment upstairs.

What was the outcome?

Currently being used as an MTR with a NET cash flow of $2,000.00 a month.

Lessons learned? Challenges?

always expect the unexpected, have multiple exit strategies.