Restoring Homes in the Belmont Neighborhood/Roanoke, VA

[Christopher Brian]

Investment Info:

Single-family residence buy & hold investment.

Single Family residential BRRR. HUD home-had been stripped of copper while sitting on the market. Repaired + new electrical/new HVAC/new plumbing/painted/etc. Belmont neighborhood. Long term goal is to restore many more of the homes in this neighborhood that have fallen into disrepair.

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

The price was right/numbers worked for BRRR. All of Roanoke has potential to come up based on the investments by Virginia Tech in the area. The Belmont neighborhood is getting a historic designation: https://www.wdbj7.com/content/news/Roanoke-neighborhood-to-receive-historic-designation-500423021.html

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

From a wholesaler-lots of negotiating on price.

How did you add value to the deal?

New plumbing/electrical/HVAC/landscaping/painting.

What was the outcome?

Rented - cash flow positive.

Lessons learned? Challenges?

Take your budget and triple it/take the timeline and double it-or maybe it's the other way around....or both ways around!

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

Negative.