Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 1 year ago on . Most recent reply

User Stats

12
Posts
7
Votes
Kevin Kramer
7
Votes |
12
Posts

First attempted and successful BRRRR in Indianapolis, Indiana

Kevin Kramer
Posted

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $85,000
Cash invested: $65,000
Sale price: $191,500

I purchased this property with all cash, completed renovations, and completed a BRRRR. All in at 150k, property appraised at 200,000. After holding the property for a year and dealing with evictions, squatters, etc. I sold the property for 191, 500 after concessions were made.

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

I found this property on the MLS.

How did you finance this deal?

Cash into a cash-out refi

How did you add value to the deal?

I completed $65,000 of repairs and cosmetic updates to the property.

What was the outcome?

I offloaded the property as I was consolidating.

Most Popular Reply

User Stats

12
Posts
7
Votes
Kevin Kramer
7
Votes |
12
Posts
Kevin Kramer
Replied
Quote from @Michael Powell:

Hey Kevin, CONGRATS! 

I have a few questions if you don’t mind.  I feel like thought process can help us new folks out!

1. This would be a success flip, not BRRRR right?

2. You were $150k in with acquisition/rehab.  However were there additional fees for holding and eviction over the course of the year? 

3. Cash to purchase, was it also cash for rehab? Zero financing?

4. Did you consider actually BRRRRing this property? With a $200k appraisal, a 75% LTV would have put you back at $150k and you would have recouped all your money back. Additionally you would have had a 2-4 unit available to place multiple tenants in and potentially good cash flow?! If you did consider but chose not to. Could you explain why?

I’m looking for my first deal and just want to learn as much as I can.  Congrats again on your success!! 


 Hey Michael thank you!

The full intention was to keep this property as a long term hold.After we placed tenants, we refinanced and took all of our money out. I had a flip going on at the same time so there was no repeating for me at that time. We were cash flowing a couple hundred bucks a month on the property but were riddled with repair requests and eventually the eviction of Section 8 tenants. I bought the property in cash and did the rehab with cash too. Hope this helps @Michael Powell

Loading replies...