House Hack/ BRRRR First investment

[Vincent Pelletier]

Investment Info:

Single-family residence buy & hold investment in Salmon Arm.

Purchase price: $360,000
Cash invested: $42,000

DId a House Hack/BRRRR. Bought a SFH and converted it to a up/down non-conforming duplex. Remortgaged at $463,000. I now only have about $12,000 cash invested in the property total and am renting out the basement + one bedroom upstairs and living for free with a pile of cash to reinvest. If it wasn't for BP community(forums, blogs, etc.), especially the amazing podcast, and of course the great literature that BP produces, I would not have been able to do this. Big shout out to Brandon Turner for his extensive knowledge on and the sharing of the BRRRR strategy.
This is the first of many!
Time to Get Some!

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

Listening to the BP podcast and Brandon Turner's great explanation of these strategies

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

I had an agent I work with contact me the moment this hit the MLS

How did you finance this deal?

Conventional loan.

How did you add value to the deal?

I put a suite in an unfinished basement and updated the rest of the property.

Lessons learned? Challenges?

Learned more about the costs/time frame to Reno.
Gained confidence in working with the lender.