Newbie investor's first BRRRR deal in Taylors SC

[Kenny Johnson]

Investment Info:

Single-family residence buy & hold investment in Taylors.

Purchase price: $127,000
Cash invested: $47,336

First deal:
Neighbor in need of selling. He didn't want to do any repairs. My strategy is to BRRRR while hoping to have $5000 or less in the deal after the first year.

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

Saw a run down house in my neighborhood... thought it'd be a great place to start.

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

My wife and I have walked by this house many times. I wrote a letter to the homeowner and told him I was interested in buying it. He called me back a couple days later and the rest is history.

How did you finance this deal?

HELOC from current home

How did you add value to the deal?

Cosmetic updates inside and outside of the home. Details include new floors, new paint, updated kitchen and bathrooms, cleaned up the yard, newer appliances and light fixtures.

What was the outcome?

Renting out property with a $400 cash flow and planning to refinance in 12 months. Goal is to pull out 100% of cash invested into property during that time.