Updated about 2 years ago on .
Live-in BRRRR in a new market!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $535,000
This will be a slow live-in BRRRR. Lots of room to add value since it has not been updated since the early 2000s (it still has carpet in the bathrooms...)
How did you finance this deal?
30-year VA Home Loan
How did you add value to the deal?
We plan to take out a wall and add an island to open the kitchen up, take the carpet out of the bathrooms, replace most of the flooring, finish the 4th bedroom and the rest of the basement, and various other minor updates. It needs $20-30k to bring it to the top of the market, but we're going to do most of this ourselves so it will be much cheaper.
What was the outcome?
ARV today would be at least $60k higher than purchase price, but we plan to live in it for at least 2-years before renting it out.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Keith Andrews Home Team was absolutely fantastic, and Mark Kong at Evolution Mortgage was the best lender I've ever worked with, particularly with VA loans!