My first BRRRR in the City of Syracuse, NY

[Mike Alt]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $36,000
Cash invested: $50,000

Purchased 2000sqft 4br 2ba home in the city for $36,000. Invested about $50,000 into it renovating it (over budget). Renovation finished and will rent for $1350. Should be able to refinance with ARV of $120,000, recouping most of my investment.

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

I was more interested in the experience doing a full rehab, managing it long distance.

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

MLS. Shown via video walkthru by my realtor. Initial offer accepted and negotiated down even more after negative inspection report.

How did you finance this deal?

Cash

How did you add value to the deal?

Complete renovation

What was the outcome?

Renovation completed and waiting to reach 6mo seasoning period for a cash out refinance.

Lessons learned? Challenges?

Old houses are old.

[Greg Miller]

Mike - this is quite a feat! Doing a successful BRRRR deal in this market can be a challenge even if you are local. Buying, managing the renovation, and renting the property from 3000 miles away is very impressive - congratulations!!

I'm looking at trying my first BRRRR deal in the Syracuse in the next few months so I'll definitely reach out and try to carry forward your lessons learned (yes old houses are old!). Nicely done.