Franklinton BRRR Property

[Ryan Mainwaring]

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $72,500
Cash invested: $74,400

Completely rehabbed the interior of a 3 bedroom and 2.5 bathroom single family home and added a bedroom and bathroom. Located in upcoming Franklinton.

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

The area is improving and we wanted to help Columbus improve the downtown areas

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

We found this deal off market and we made a fair offer that worked with comps in the area

How did you finance this deal?

Private money

How did you add value to the deal?

We pulled 3 bedroom & 2 bathroom comps in franklinton area

What was the outcome?

We are holding it as short term rental and got a great surprise when the house appraised for 76k more than estimated during cash out refinance.

Lessons learned? Challenges?

Plan for complete rehabs to take a month longer than estimate because of unknown issues.

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

Yes we worked with Ben Hulshof (mortgage broker) to cash out refinance the property and Plaid Properties to rehab the property.