BRRRR #4 - In Process - Purchased in Cleveland, OH region

[Stephen Holloway]

Investment Info:

Single-family residence buy & hold investment in Euclid.

Purchase price: $54,000
Cash invested: $15,000

Excited about this deal that's currently in process in Euclid, OH. It's another SFR, $54k bank owned purchase. Needs minor repairs to basement, garage, cement work, and internal updates.

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

I've done several in the past, and I like the Euclid area for rentals. It's also near a new Amazon center that's opening up.

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

I heard about the deal from my local real estate agent. My strategy for this deal was to take on responsibility for the POS items, offer no contingencies (after my agent and contractor visited and took video), and all cash.

How did you finance this deal?

I'll refi after rehab, and finding a renter. Likely with Chemical Bank.

How did you add value to the deal?

Making repairs, updates carpet/paint/appliances, and closing out the POS items.

What was the outcome?

Currently in process

Lessons learned? Challenges?

New type of purchase as a Fannie Mae Homepath that was previously at reverse mortgage that the bank took back.

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

Yes, agents (Howard Hanna), contractors, property management (Howard Hanna), and eventually a lender.