Our first BRRRR is finally finished!

[Eric Prine]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $67,000
Cash invested: $30,000

Single family home that we are BRRRR'ing. We are currently doing some DIY renovations on it.
We ended up hiring out a lot more than expected and spending more than expected. but we ended up getting more in rent than anticipated. Next step is refinancing.

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

Easy barrier to entry and I like single family home (for now).

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

MLS, just offered less than asking back when that was possible.

How did you finance this deal?

conventional loan. paid cash for renovation. will soon refi.

How did you add value to the deal?

New: floors, doors, water heater, kitchen, laundry, bathroom, lights, blinds, paint, etc.

What was the outcome?

purchased for $67k put $30k into it. Expected to rent for $1250 ended up getting $1495. We started with a management company and so far so good. Unfortunately the time between purchase and renting it out was 9 months. Way longer than it should have been even considering Covid.

Lessons learned? Challenges?

DIY is not my thing. Get multiple bids.

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

Mike Tavani and Guaranteed Rate
Just started working with Kevin Moyer at Otter Property Management