My first BRRR strategy property

[Cavan Mitchell]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $99,000
Cash invested: $25,000

Bank owned foreclosure property.
Market comps are forecasting this property to worth about $140,000.
First time to execute a BRRR strategy.

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

Listening to many Bigger Pocket podcasts and had to do it.

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

Real estate agent provided property details.

How did you finance this deal?

Conventional 30 year loan.

How did you add value to the deal?

Rehabbed the property and tenant proofed it.

What was the outcome?

Currently renting airbnb and is cash flowing positive.

Lessons learned? Challenges?

Rehabbing it with family members can save a lot of money however, very time consuming. Learned a lot about material costs and time to rehab properties.

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

Found property via realtor and got it financed via U.S bank.