Buy - July 15th, 2019 for $35K with $7,784.45 down
Rehab - Costs total $25,938.56
Rent - Was fully stabilized to begin with, but we lost one tenant. We therefore rehabbed the unit and raised the rent. Duplex is now renting for $1,150 total with a coined laundry system and one of the tenants paying 1/2 the water bill.
Refinance - January 24th, 2020 pulling $36,581.60 out of the deal (yes, this is more than I had into the place).
Repeat - I have already purchased my next building.

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

I am always looking to invest in BRRRR deals, as I believe that they are the most efficient way to put one's capital to good use.

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

I found this deal on the MLS and represented myself as the selling agent.

How did you finance this deal?

I financed the initial purchase through a small/local bank and the rehab with cash. I refinanced this deal with my normal lender out of Cincinnati into a 30 year conventional loan.

How did you add value to the deal?

New roof, gutters, appliances, flooring, paint, exterior work, detached garage work, and a ton of landscaping.

What was the outcome?

I was able to pull all of my cash out and then some during the refinance portion of this project. I currently cashflow over $600 before any maintenance (which is low given all of the repairs that were made). $600 per month after re-harvesting all of my initial capital out of the deal. I believe this would classify as infinite return on investment?

Lessons learned? Challenges?

It is possible to harvest more capital from the refinance than you have into the project. This can also be done when financing the initial purchase, thus paying two sets of lender/closing costs.

Purchasing a building with tenants already in place allows for one to cover his or her holding costs on the deal, as well as some rehab costs.

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

I represented myself as the selling agent, worked with my normal lender on the refinance, and used mostly my own crew of contractors to complete the necessary rehab work.