Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago,

User Stats

9
Posts
6
Votes
Wendy Oliver
  • Real Estate Investor
  • Colorado Springs, CO
6
Votes |
9
Posts

First BRRR Investment

Wendy Oliver
  • Real Estate Investor
  • Colorado Springs, CO
Posted

Investment Info:

Other buy & hold investment.

Purchase price: $213,000
Cash invested: $28,000

This was our first BRRR! We bought this for 213k, as a 3 bed, 3 bath townhome near the Broadmoor in Colorado Springs. We renovated all of the bathrooms, kitchen, flooring paint - basically a complete cosmetic remodel. We were also able to add a bedroom and rent the property for $1945 + $25 pet rent. We just completed a cash out refinance with an appraisal of $275k.

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

So we can get our money out and buy another!

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

MLS deal - it had been on and off the market a few times so the seller was motivated.

How did you finance this deal?

conventional mortgage, 20% down

How did you add value to the deal?

complete cosmetic remodel

What was the outcome?

We raised the value by 62k after only putting 28k in to it and were able to get most of our money out.

Lessons learned? Challenges?

I would not buy with a traditional conventional mortgage - I have since found a credit union that will lend at a slightly higher interest rate with no closing costs.