First house under contract from direct mail campaign (BRRRR)!

[Dave Hurt]

The day has finally come!  

After sending 1000 mailers/month since late November and talking to many tire kickers and unmotivated sellers I finally have my first property under contract from direct mail! This will be a BRRRR property (I think I got the number of R's correct) to add to our buy and hold portfolio.

The seller lives 6 hours away and was tired of being a landlord.  After many phone conversations and LISTENING TO HER PROBLEMS I approached the deal from the perspective of how we could solve them for her - and she told me that it was a breath of fresh air speaking to someone who actually CARED (she has received tons of letters)...and more importantly CALLED HER BACK.  Ultimately she just wanted to pay off a 35k equity line she has out on the property and walk away with a little cash for herself.

The house is in a solid blue collar rental neighborhood in Charlotte, NC.

For the purchase and renovations we will be paying all cash, then refinancing out to rinse and repeat.

2/1 built in 1983 and sits on a concrete slab.

Purchase price: 45k

Renovations: 8-10k

ARV: 85k

Market rent: $850/mo