2nd BRRRR in Jeannette PA

[Bret M Rankin]

Investment Info:

Single-family residence buy & hold investment in Jeannette.

Purchase price: $25,000
Cash invested: $16,000

Purchased a beat up old 2br, 1bath built in the 1930's from an estate. Needed complete interior clean out and upgrade. Added new furnace, added A/C, new kitchen, new bath, added shower, refinished hardwood floors, tiled kitchen, bath and entry. Rewired electrical. A true BRRRR.

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

Its my second BRRRR. Long term wealth is my goal.

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

Watched it on the MLS. Dropped from $39900 to $29900, I went the day it dropped to walk the house. Put in offer in that day with a 30 day, cash closing at $25k and was accepted the next day.

How did you finance this deal?

Cash

How did you add value to the deal?

I spent $16k in improvements and did the majority of the work myself.

What was the outcome?

I am currently going through the process of a cash out refinance.

Lessons learned? Challenges?

I learned I don't have the time to do the work myself. I need to find deals with enough margin to hire subcontractors.