1138 BRRRR Deal - Columbus, OH

[Luke Grieshop]

Investment Info:

Single-family residence other investment in Columbus.

Purchase price: $32,500
Cash invested: $45,000
Sale price: $32,500

I purchased a below-market deal from the MLS in September 2019 in Columbus Ohio's Milo-Grogan area. There's a lot of focus from the city to revitalize this area in the coming years. The purchase price was $32K, and my partner (who is local), put an additional 13K or so into the deal. We rented it out with the help of our property management company, and after that, the bank appraised this property at $78K. We were able to pull all of our money back out (plus a little more!). We have a great tenant in the property, and it is rented at $800/month.

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

The ability to not only create equity in a short period of time, but pull it back out.

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

MLS, seller was motivated and got about $5K knocked off an already low price.

How did you finance this deal?

Cash

How did you add value to the deal?

Kitchen cabinets, flooring, paint, exterior paint, some fixtures.