My 1st BRRRR rehab begins

[Meredith Mihm]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $15,600

This is our first BRRRR. 4bd, 1ba. New siding and windows. Currently converting the (dead) oil boiler to LP so that it will be warm enough to gut the rest of the house. Hoping to spend between 30-40K, then rent for $1000ish/mo. Nice big rooms, nice lot, should appraise for $100K, probably more.

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

The numbers worked

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

Found on MLS, offer to seller's agent (asking was 39K).

How did you finance this deal?

Cash.

How did you add value to the deal?

Value to be added: new boiler, new electrical, inside will be gutted, new insulation, drywall, kitchen, and bathroom.

What was the outcome?

TBA... we plan to be in it for no more than 65K, and it should appraise for 100Kish. How much money we take back out will depend on what it rents for.

Lessons learned? Challenges?

Will let you know...