First time BRRRR with 1885 Cottage in Syracuse, NY.

[Ed Sautter]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $13,500
Cash invested: $54,000

The Land Bank house is my first attempt at BRRRR deal. I will end up leaving some money in the deal, but that's OK... this is my "learning house". I'm fortunate enough to have a contractor that listens and is a good communicator. This single fam had major roof and ceiling damage... probably a bit more involved than a newbie should undertake but I'm a gluten for punishment and I figure this will finally grow hairs on my chest, LOL. House was built in 1885. I'm attempting to keep some interior character and ad character back to the outside. I designed the kitchen myself and directed other needed renovations such as adding bedroom closets. Image provided is my before and "photoshopped-after" picture. I like to create this image to give myself and others a vision for the finished product. As of writing we are one-month into the project and I'm worried about going over budget... we shall see!

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

Need a back up plan for retirement. My 401K isn't the answer.

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

Found it on the Greater Syracuse Land Bank Website. It was one deal that didn't require "owner-occupancy". Paid the asking price because it was low and to hopefully beat out competitors. Land Bank said my written presentation was one of the best they'd every seen.

How did you finance this deal?

100% cash.

How did you add value to the deal?

Renovation and my keen sense of design. This rehab will look better than 75% of the rentals in Syracuse at the price I want to rent. I should easily attract good tenants.

What was the outcome?

Still working on that. One month into renovation. HAAALLLPPPP! :D

Lessons learned? Challenges?

What the hell is "Certificate of Good Standing" for an LLC? Had to have it for closing as requested by the title company... cost me $100. Still don't understand why it was needed when I have other docs proving that my LLC is real. Whatever NYS!