Virginia Beach SFH BRRRR

[Nico C.]

Investment Info:

Single-family residence buy & hold investment in Virginia Beach.

Purchase price: $145,000
Cash invested: $34,000

Snapshot Metrics:
Purchase Price: 145k
ARV: 186k
Renovation Expenses: 34k
Rent: $1495
1% Rule = 1.03%

Biggest Lesson Learned: Square footage sets a ceiling on the ARV.

Amplifying Information:

This was our best BRRRR to date - though we gave ourselves a "C-" on execution. We purchased the home from a distressed owner who was eager to move on to the next chapter of his life. We bought it all cash at 145k. As you can see, we went to great lengths to ensure the home was raised to a high standard.

Despite how much work we put into the property, we only ended up achieving an ARV of 186k + walked away with 133k after our refinance. We are happy that we recovered 92% of our acquisition capital, obviously we were hoping to leave much less in the project.

Thanks for reading!

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

MLS

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

New Items: Roof, flooring, backyard fencing, appliances, countertops
Enhancements: Paint, fixtures, landscaping

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

Stephanie Clark REMAX Alliance Virginia Beach, VA - I cannot recommend this organization highly enough.