Decatur AL Single Family BRRRR

[Richard Locklair]

Investment Info:

Single-family residence buy & hold investment in Decatur.

Purchase price: $50,651
Cash invested: $40,000

4 Bed 2.5 Bathroom

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

Decatur is a secondary market to Huntsville, AL. Huntsville is forecast to pass Birmingham as the largest city in AL by 2024.

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

This house was a foreclosure and was vacant for 7 years. We purchased it on the courthouse steps.

How did you finance this deal?

Purchased with HELOC, rehabbed with savings, refinanced with 30 year conventional loan.

How did you add value to the deal?

Updated everything.

What was the outcome?

All in at $90K, Appraised at $125K, Rents for $900/month

Lessons learned? Challenges?

BRRRR is great!

[Jean Laurin]

Good BRRRR. Did you purchase it with 4 bed 2.5 bath, or did you add?