Single Family BRRRR in the midwest.

[Matthew Hollister]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $40,000
Cash invested: $10,000

In process BRRRR property I paid 40,000 and fixing it up for around 5-6k and will be worth 70,000 have comps to support. Found out about this property from a tenant and the guy didn't want to sell it because he had old tractors in the back garage and I told him I would rent out the back garage to you if you sell me the property and he did.

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

3br minimal work to fix up.

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

Tenant told me about a guy possibly interested in selling.

How did you finance this deal?

Small local bank with 25% down 15yr note.

How did you add value to the deal?

Completely gut bathroom remodel, paint entire house, ceiling fans, new furnace and carpet in bedrooms.

What was the outcome?

still in the process, I know it is worth 70k I will cash out after 6 months with a 25% down 30yr term.

Lessons learned? Challenges?

Solving the problem of where he was going to store his tractors made him motivated to sell to me.

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

No