First BRRRR investment...

[Caleb Dryden]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $85,000
Cash invested: $100,000

This was my first BRRRR purchase from start to finish. Property is in a great area with businesses, restaurants, and schools nearby. It's cash flowing nicely and I bought it right so appreciation should be stead throughout the years.

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

I recognize the long-term benefits to buy & hold given monthly cash flow, tax benefits, appreciation, etc. This property fit my criteria and was a no brainer.

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

MLS, for sale by owner. I was it hours after posted.

How did you finance this deal?

Private investors.

How did you add value to the deal?

I found the deal, completed renovations on my own & am actively managing the rental.

What was the outcome?

Projected numbers (budget, ARV, etc) came in at what I projected so getting my 75% equity out of the deal was smooth. I used the refinance to pay back my investors and now I have a cash flowing property and investors who want to continue doing business.

Lessons learned? Challenges?

I think I could've got the property for less but I really wanted it so I offered a bit higher than my original number. Also, I would've hired out more of the work (even though that would've cut into my budget) because I could've had it rented quicker than it was.

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

I went on my own on this one.

[Caleb Dryden]

@Andrew Syrios sorry haven't been on in some time. The ARV (appraisal) came back at $145,000 and I've had two people call me (not listed) to buy it for $150k and $155k. Loving it!