Shoreline - My first BRRRR project!!

[Anthoney Hanks]

Investment Info:

Single-family residence buy & hold investment in Wills Point.

Purchase price: $30,000
Cash invested: $85,000

This is my first rehab. I start it with the intent to flip, but after listening to BP decided to BRRR. Ended up losing half the house and total gut job.

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

Instead of paying for some course I wanted to learn from the school of hard knocks. It turned out to be more than I expected, but I loved every minute of it. And I have gained so much knowledge for future projects.

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

I sent out post on Facebook group.Was given a lead on other properties. I was driving around and found it For Sale By Owner. I spent several months getting the owner comfortable selling the inherited property.

How did you finance this deal?

Ugly!! Cash, Pulled money from IRA, Credit Cards. Loans. Like I said, UGLY!!

How did you add value to the deal?

We did a lot of the work ourselves. I used my experience in project management to run the project. And the money.

What was the outcome?

I refinanced and have it up for rent know.

Lessons learned? Challenges?

1) You cannot make others see your vision or have the same goals. They may come to see it, but don't expect.

2) Don't go cheap. Meaning hire people who are knowledge. I thought I was help someone who needed to work and said he knew what to do. Use qualified people.

3) Pay other to do the work. This project has taken longer than needed. If I had use my money better, I truly believe I could have saved money and finished faster.

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

Myself!!!