Another BRRRR - not as much cash flow but the equity was there.

[Gabriel Miritello]

Investment Info:

Single-family residence other investment.

Purchase price: $65,000
Cash invested: $70,000

The house was all about building equity and the long term game. This home also taught me 2 important lessons - it never hurts to ask and just because a contractor was good before doesn't mean he'll be good next time.

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

It was sitting on the market for a very long time.

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

MLS - swing for the fences and offer a low ball offer

How did you finance this deal?

Cash - from previous BRRRR

How did you add value to the deal?

Complete reno

What was the outcome?

$100 cash flow and $50K equity

Lessons learned? Challenges?

Never hurts to ask: The original MLS list price was $125K it dropped to $110K after 30 days and finally dropped to $95K after 3 months. I had my realtor reach out with a $60K cash offer. They countered at $70K and we settled at $65K. After putting in $70K in reno, I was all in at $135K. I pulled 130K out and it was appraised at $185K.

Contractor was great on 2 previous projects - but fell off towards the end of this one. Made a 3 month project 5.5 months. I didnt pay up front - that saved me.