Completed First Investment (BRRRR Method)

[Thomas Yokum]

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $150,000
Cash invested: $100,000

Recently completed a purchase and renovation of a multi-family house in Cleveland Heights, Ohio (BRRRR Method).

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

BiggerPockets

How did you finance this deal?

Personal Loan

How did you add value to the deal?

Renovation

What was the outcome?

Value Add - 3x rent(s)

Lessons learned? Challenges?

Secure funding upfront to complete project goals on time and on budget.

[Dekota Oechsle]

Sounds like a good deal.  

What are the goals for the property?  Is it a cash flow or equity play?  How are you managing the property? 

[Thomas Yokum]

Insight on the process.. Purchased pre-covid and majority of renovation was sweat equity. Only two Rs complete on the BRRRR method with current rates. Currently living rent free and building equity/savings for the next one. Managing myself as one of the 'tenants' but hoping to change that on the next one!

[Andrew Syrios]

Great job Thomas, congrats!

[Ryan Arth]

@Thomas Yokum Congratulations. Do you plan to move into the next one, transitioning this one to a full rental? 

[Thomas Yokum]

Yes.  At some point I plan to make it a full rental.  If it is the next one or not all depends on the deal.