Successful BRRR in Roanoke, VA great market for deals!!!

[Christopher Brian]

Investment Info:

Single-family residence buy & hold investment in Roanoke.

Purchase price: $29,000
Cash invested: $18,000

Roanoke BRRR, SFR, B property, was looking to wholesale but kept it with the cash flow. ARV = 75k

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

Was a diamond in the rough, had been vandalized but the bones were good.

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

Multiple out of state wholesalers were competing/offering to several investors/came to a bidding war and won on terms not price.

How did you finance this deal?

Fun

How did you add value to the deal?

Minor rehab-plumbing was a beast.

What was the outcome?

+ Cash flow, good equity position, appreciation.

Lessons learned? Challenges?

3 different types of plumbing = hidden joints and connections behind the walls that weren't put together properly and will burst when you least expect it. Always take your budget and double it and then look at the time frame needed to rehab and triple it, or vice versa or just triple everything when the main line bursts in the middle of the night. :)

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

Negative.

[Jaysen Medhurst]

Well done, @Christopher Brian. What is the ARV and rent? My BIL has a few SFRs in Roanoke and is doing pretty well with them.