My first BRRRR using hard money

[Robert E lunt]

Investment Info:

Single-family residence buy & hold investment in Largo.

Purchase price: $80,000
Cash invested: $12,000

I purchased this through my private money lender who wholesaled it to me and funded it. I bought it for $80k and put $12k into the rehab of money I saved from flips. My interest only payment was $800/mo. I found top dollar stable tennats right away through property management who my lender also referred. Rents for $1200/mo. 18 months later I finally got my credit and income in possition to refi and got 5.5% versus 12% so now my payment is $775/mo of which I receive $1080 and put the xtra on principal. The house appraised at $128k. BRRRR I learned from BP

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

It was handed to me on a silver platter.

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

my lender

How did you finance this deal?

my lender

How did you add value to the deal?

sweat equity, painting, fixtures, fencing, landscape

What was the outcome?

CASH FLOW $305/mo including prop. mngmt and $38k equity

Lessons learned? Challenges?

I haven't been to the property in 2 years and its only an hour away so it mine as well be in Kansas city.

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

Revolution Real Estate LLC property managers and licensed GC's St. Pete/Tampa FL area