New Completed BRRRR in Birmingham

[Nick Monge]

Investment Info:

Single-family residence buy & hold investment in Birmingham.

Purchase price: $65,000

Bought this property for $65,000 cash. Put $23,000 into it putting my total at $88,000. After seasoning, I was able to refinance and pull out 75% ARV of $125,000 ($93,750). $0 in the deal, with an extra $5,750 in my pocket and $180 a month in cash flow. NEXT!!

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

I think BRRRRs are some of the most solid investment opportunities there are.

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

My agent, it was a foreclosure in a nice neighborhood.

How did you finance this deal?

Cash.

How did you add value to the deal?

Cosmetic rehab.

What was the outcome?

$0 in the deal. $5,750 in my pocket and $180 a month in cash flow.

Lessons learned? Challenges?

This was my first deal. I learned about an app called Joist that was easy to pay my contractor.

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

I worked with an excellent agent. I can refer her if you message me.