Update on my first BRRRR!

[John Mullen]

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $155,000
Cash invested: $80,000

Contributors:
Mike Pauze

Reappraised May 2023 for $285k and refi'd for 80% cash-out mortgage to recover majority of invested capital. Will be STR/MTR starting July 2023.

How did you add value to the deal?

Lots of sweat equity.

What was the outcome?

Got almost all the money back after the refi

Lessons learned? Challenges?

Everything takes longer than expected, especially self-performed renovations.

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

Teri Gilmore (realtor)

Adam Messmer (mortgage broker)

Jimmy Lieu (connected me with Dawn)

Dawn Mahan (Ameris Bank)