BRRR Project, Western PA

[Andrew Zavage]

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $80,000
Cash invested: $72,900

We have less than 2 weeks left in our fix and hold project in Pittsburgh, PA. The seller was a foreign landlord who was behind on a few years of taxes, and the property was in C5 condition at the time of initial appraisal. The ARV value came back at $201,000 and a condition rating of C3 with a reported median rental figure of $1,595. The entirety of this project was financed by a HELOC, and at closing, we will wipe out our debt incurred to complete this project. No CF figures until we have an executed lease in-hand.

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

Adding additional assets, a familiar market, buying a house "for free" as I call it, and gaining experience with lower level of risk

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

MLS, knowing my numbers, knowing the market, studying the listing, and having a team in place.

How did you finance this deal?

HELOC

How did you add value to the deal?

renovation including a roof replacement

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

I am a mortgage broker and out-of-state real estate agent, I had one agent on-site and a GC/PM on-site too.