Moderate BRRRR success, on to the next!

[Joe Mende]

Investment Info:

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

Purchase price: $435,000
Cash invested: $100,000

This is a 2-unit that we are house-hacking and also BRRRR'd. We had it appraised at $600,000, took out 80% on an FHA refi. We will do a rate term refi in about 8 months.

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

We wanted to move to Chicago and didn't want to pay a mortgage on a SFH. BP was a huge influence on this type of deal.

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

MLS

How did you finance this deal?

Originally was a conventional loan, then we decided to BRRRR it.

How did you add value to the deal?

Completely renovated the top unit, also added an in-law unit.

Lessons learned? Challenges?

Lessons learned were to really pay close attention to the contractors you're using and also be vigilant with keeping your books to know exactly what you're spending on the reno.

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

Jeff Frcka was a great agent that I would recommend
Landon Hoon was another great find from BP as a lender that was amazing!