Diving in to BRRRR head first

[Joey Sostheim]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $89,000
Cash invested: $15,000

Just closed on this duplex along with two single family homes. I bought the single family homes for cash 36k and 40K they are both requiring major rehab, but this duplex is strickly cosmetic and THe seller (same for all three properties) is doing a short term owner finance on this duplex. This is our first (my wife Carly and I) attempt at the BRRRR method. Stay tuned for a couple of newbies diving in head first.

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

I read Rich Dad Poor Dad, then a friend sent me an episode of the BP podcast. I drank the Koolaid and here we are.

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

I found this deal by driving the neighborhood and tracking down the owner cold call style.

How did you finance this deal?

Seller financing and Cash

How did you add value to the deal?

We repaired and updated after hurricane damage

What was the outcome?

Still waiting on final outcome as we have not refinanced yet but we are surrently leasing at $2200 per month

Lessons learned? Challenges?

Still learning everyday but so far I've learned that you just got to jump in and do something.