First deal - House hack BRRRR with zero money

[Joseph Walker]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $72,500
Cash invested: $38,500

This was my first BRRRR and I was able to get into it with zero money out of my pocket. This property was a duplex that had a 3/2 and a 1/1. Both units were 1,200 sq ft, one of them was only a 700sq ft finished 1/1, with the other 500 sq ft used as storage. I turned the 1/1 700 sq ft apartment into a 3/2 1,200 sq ft apartment.

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

I found this deal on the MLS. I am a real estate agent so I represented myself.

How did you finance this deal?

I was able to get a construction loan and pay interest only while I rehabbed the downstairs unit. I quickly found a tenant and was able to refinance.

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

I had to go to 6 different banks to find one that was willing to work with me and give me the kind of loan that i was looking for. Ask yourself, "How can i do this?" Do not give up!!