To Flip or BRRRR? My 3rd Investment

[Kyle Shankin]

Investment Info:

Single-family residence other investment in Eastpointe.

Purchase price: $58,000
Cash invested: $20,000

We bought this house from an individual whose father owned it and passed away. The seller didn't want to deal with the actual sales process (mostly people coming in and out of the house, haggling and waiting on financing), but hired a real estate agent anyway. I have been working with this agent in all of my houses (personal and investment) and she called me regarding the situation. I thought it would be pretty good for a fix 'n flip, so we made a cash offer of $58,000 and he accepted. It's worth noting that the agent had just sold a house one street up for $90,000; this house had similar specs, but no basement and just one bath. So now I own a 3bd, 1.5bath single family brick ranch in a nice little neighborhood.

We pulled back carpet to expose and refinish the hardwood that was underneath, completely updated the kitchen, added a new vanity and light fixture and resurfaced the main bathroom. A little bit of cast iron plumbing needed to be replaced and the electrical box had to be updated from fuse to circuit breaker. We also repainted and generally cleaned the house.

This house is currently on the market for sale, my intention was to flip this and then find a rental project, but I'm not realizing that this house could be a pretty good BRRRR candidate. So I'm tracking down loans to see what's available. I'll post an update when a decisions been made.