BRRR Three Family CT. From Condemned to Cashflow.

[Alexander King]

Investment Info:

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

Purchase price: $235,000
Cash invested: $150,000

Bought this condemned property back up to speed after there was a fire. Property was in a flood zone and lost the CO. Upgraded electrical, plumbing, hvac, roof, kitchen added 2 baths, and full interior cosmetic rehab. Appriased out at $525k (low).

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

Brrr method

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

Drive for dollars, boards on window. Called owner 6 mo straight and met at property and beat out other contractor.

How did you finance this deal?

Pinnacle Financial Private Capital

How did you add value to the deal?

All Capex items

What was the outcome?

$525k appraisal

Lessons learned? Challenges?

Flood Zone, bringing property back up to code from being condemned

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

No, just lender. Pinnacle Financial