Our First BRRR Was A Success

[Nicole Hunt]

Investment Info:

Single-family residence other investment in Norfolk.

Purchase price: $65,000
Cash invested: $98,000

Just closed on our refi on our first BRRRR project in VA. We bought the property for $65K in late March, spent $33K on renovations. We have had it rented for 3 months now at $1200/mo and cashed out $109K. With our new mortgage our cashflow is now is about $350/mo. There were of course some delays due to the riots earlier in the year and weather of course, however it turned out to be a great investment and learning experience for my husband and I. I would high recommend this strategy!

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

The income potential to fund future deals.

How did you finance this deal?

Cash

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

Yes Shannon Ward of AtCoastal Realty in Norfolk.