First BRRRR in Hinesville GA

[Andrew Schmidt]

I recently closed on a small 3/2 REO in Hinesville GA.

Asking was 59900. I offered 40k. Got them down to 45k, pending inspections. After inspections I asked for a reduction in price because banks don't like to do any work themselves. Reducing the price further to 40k.

Now I'm talking to a contractor about plaster paint, flooring, new kitchen, siding, new deck. Budgeted 27k for the remodels.

area rents are 850-1100

Comps are 85-125

So far the likelihood of successfully getting the property rented and take out the capital are positive.

Hey, it's free real estate.