This is my first investment BRRRR

[Randy Wylie]

Investment Info:

Single-family residence private money loan investment.

Purchase price: $65,000
Cash invested: $40,000

I bought this property with the intention of flipping. now that im close to finishing the property I've come to realize I can make a significant amount of cashflow by renting. this strategy will also help me continue in real estate investing. I've really come to love this process.

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

I actually called the neighbour to see if they wanted to split on a fence and it just so happened to be a person who does private lending in town.

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

went to the neighbours house and got the landlords number

How did you finance this deal?

this was a private money loan with an interest rate that was completely reasonable, the owner also held the mortgage while I renovated and also funded my renovation at a %.

How did you add value to the deal?

I have a lot of trade experience so I was able to do a lot of work myself. also im honest and followed through with everything I said I would do so I would consider that valuable, lol

What was the outcome?

the outcome was great, I have the house rented out with a tenant moving in mid march.

Lessons learned? Challenges?

I learned a ton about renovating, especially when it come to the paperwork part of it. I've also learned a ton about investing and different types of loans when it comes to renting or flipping. Another lesson...................GET PERMITS!!!!! lol they don't tend to like when you don't get permits I've come to find out. oops

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

I did work with an incredible realtor in Cornwall Ontario Canada. that's where I did this Reno. he helped me determine one an ARV and come up with some numbers for rent and gave me tons of heads up. also worked with the people from Upper Canada mortgage! they're a great bunch of people with tons of knowledge.