First SFR Buy and Hold Rental

[Micah Brant]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $142,000
Cash invested: $21,000

First BRRRR buy and hold rental. Purchased for 142k appraised for 156k. 7k in renovations. Appraised for 177k 1 year later. Rents for 1,500/mon.

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

BP podcast

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

My friend in town was an agent and this property just happened to be two doors down from him.

How did you finance this deal?

15 yr conv loan that I refinanced to a 30 yr conv loan

How did you add value to the deal?

Refinished hardwoods, new paint, updated kitchen and guest bath

What was the outcome?

Great cash-flowing rental

Lessons learned? Challenges?

Dealing with contractors and appraisers.