First Attempt at BRRRR

[Alex Heidenreich]

Investment Info:

Single-family residence buy & hold investment in Columbus.

Purchase price: $85,000
Cash invested: $97,000

Contributors:
Remington Lyman

My first BRRRR attempt on a vacant property. It appears someone tried to flip it and then gave up. It is an older house with and addition and some updates. I'm getting the updates completed, cleaning it up, and renting it. After the seasoning period, I will get it refinanced.

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

I've wanted to attempt the BRRRR strategy and this deal looked like a good way to do so. I'm hoping it will be a gateway for me to do more BRRRR properties as well as some Fix and Flip properties.

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

Remington Lyman found this as an off-market deal and brought it to me.

How did you finance this deal?

Private lending then hopefully a refinance

How did you add value to the deal?

Mostly cosmetic rehab, replaced furnace, added A/C

What was the outcome?

It is ready to be rented!

Lessons learned? Challenges?

Managing even minor rehabs takes lots of time and attention. There are always things that go wrong; add an extra 10% to your rehab budget estimates.

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

Agent: Remington Lyman
GC: Mario Siravo