Our Team's First BRRRR

[George Waters]

Investment Info:

Single-family residence other investment in Williamstown.

Purchase price: $35,000
Cash invested: $46,000

Our First BRRRR. We purchased this property for 35k (25 cash+10k owner financed). It took about 20k and 45 days to get it back up in rental condition. we leased the property for $1395 a month and expect the property to appraise at 80-90k in 6 months!

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

the goal of creating a cash flowing portfolio with limited funds

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

Found on craigslist. Was listed for 45k, we negotiated with the seller directly

How did you finance this deal?

25k cash(mix of private money and our own) and 10k note carried by owner for 1 year

How did you add value to the deal?

We installed: flooring, paint, new roof, new appliances, and kitchen cabinets

What was the outcome?

Tenant paying $1395

Lessons learned? Challenges?

LOOK AT ROOFS VERY CLOSELY, maybe invest in a moisture gun

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

no

[George Smith]

Congrats George! Great to see people taking the leap!