2nd Private Money BRRRR

[Tony Wooldridge]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $50,000

This is my 2nd project that will be purchased with PRIVATE MONEY! This will be a BRRRR. The home is a little smaller than I normally purchase but at this price point the up side is huge. I am pretty excited about this one especially now that I just recently finished up our other BRRRR. A Lot of work to be done on it though, should be interesting. Gotta keep building this RE EMPIRE!! More to come.

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

The price point as well as trying to build up my portfolio.

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

By telling everyone that I am a RE investor. The town that I invest in isn't all that big compared to most so it is readily recognized by our projects as well as sharing with everyone we know what we do. The owner called me up and offered it to me first. He stated he just wanted to be done with it, and wanted to walk away with 50K. Considering I can force the appreciation on this one dramatically there was no negotiating at this price it makes ALL kinds of sense in my market.

How did you finance this deal?

PRIVATE MONEY!!!!!! However, I will pay for the rehad.

How did you add value to the deal?

We will add value as we always do make the home extremely beautiful again through rehab.

What was the outcome?

Not sure yet, just getting started.

Lessons learned? Challenges?

So far letting everyone know what you do so they come to you first. Challenges, there is, will and always be challenges and I intend to meet them head on and have budgeted for such, lets just hope there aren't a lot of them! But ever project at least in my experience, Challenges always arrive at your door step and you need to be prepared to deal with them.

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

No, off market deal

[Gil Segev]

Very cool.. Congrats! What ARV are you expecting for it?

[Tony Wooldridge]

@Gil Segev, I believe with current market conditions, we can get the ARV up around $170ish. Thanks for stopping by Gil appreciate your comment! If you don't mind me asking how is your REI business coming along? Making any headway? Well, here is wishing you nothing but the best in your 2020 REI ventures!

[Gil Segev]

@Tony Wooldridge 170k! What a spread! Good deal!

I've flipped one property in IN where W I broke even due to a contractor disappearing with 30k of the rehab money.

I am now putting in offers on multiple properties in AZ and hoping to get another flip on the way soon!

I am very interested in BRRRR but haven't been able to find a market I want to do it in yet. Needs to be a 1% market and hopefully close enough to CA for me to go visit a couple of times..