BRRR on multi family to long term rental

[Andres Ospina]

Investment Info:

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

Purchase price: $400,000
Cash invested: $200,000

Bought this fixer upper 2 family house with 2 bed 2 bath and converted it to a 4 bedroom 2.5 bathroom with finished basement. Was able to cash out refinance and keep it as a long term rental.

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

It was located out side of NYC with good rental potential.

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

An agent brought it to me. I agreed to take out an under ground storage tank in exchange for a lower price.

How did you finance this deal?

Hard money and the. Refinanced into long term debt.

How did you add value to the deal?

Converted it from a 2 bedroom 2 fb to a 4 bedroom 2.5 bath with finished basement.

What was the outcome?

Pulled out all my money invested and still cash flowing.

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

Lenders