My first BRRRR deal

[Mattias Clymer]

Investment Info:

Single-family residence other investment.

Purchase price: $90,000
Cash invested: $50,000

First BRRRR. This place was a mess but its now a charming home that people love and it cashflows super well!

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

I was looking to do my first BRRRR. While this house was a mess, I could tell it had potential and was in a great area!

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

I found this deal through a wholesaler.

How did you finance this deal?

I used equity lines to buy and fund the flip and then did a cash out refinance.

How did you add value to the deal?

Opened up the tiny kitchen to the dining room... I had to get creative with the kitchen layout. Granite countertops and new stainless steel appliance. I converted the garage into a 3rd bedroom. Full remodel otherwise with choosing a more attractive paint color.

What was the outcome?

I got all my money out with the cashout refinance and this is now my best cash-flowing asset.

Lessons learned? Challenges?

Hire the right contractors. I had a lot of headaches with bad contractors for this one.

[Mattias Clymer]

Quote from @Robin Simon:

Congrats, how many deals have you done with BRRRR since?

THanks! I have done 3 total BRRRR. I am open to doing it again with the right property. Interest rates make it harder!