Turned out to be an excellent BRRRR
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $35,000
Cash invested: $25,000
Great rental property with 4 bedrooms and 2 baths. Needed a lot of cleanup.
What made you interested in investing in this type of deal?
This deal just kind of happened to pop up on our radar and just got lucky.
How did you find this deal and how did you negotiate it?
It was a previous client and friend. We just asked them how much would it take. They said that it was going to foreclosure and wanted a little money for themselves.
How did you finance this deal?
We used all cash for the purchase and rehab.
How did you add value to the deal?
We put a new HVAC, roof, siding, and updated the bathrooms, along with a complete paint, in and out.
What was the outcome?
We rented it and then refinanced it. It appraised for $50,000 more than I expected.
Lessons learned? Challenges?
Stay on your contractors.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
We are licensed agents and property managers, so we didn't use anyone else. We ended up showing the new tenants within 2 days.