First completed BRRRR

[Holly Boss]

Investment Info:

Single-family residence buy & hold investment in Tucson.

Purchase price: $240,000
Cash invested: $60,000

Conventional loan, 25% down from refinancing my first home turned first investment property.

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

Only cosmetic work was needed, paint inside and carpet. Appliances were only a year old, all toilets were new, freshly painted on the outside and a brand new 30-year roof after it was replaced from hail damage.

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

MLS; only a day or 2 on the market. I had lost on offers I had put on other houses over the past few months. My lender required me to put a down payment of 25% instead of 20% for the better rate. This put me at an advantage over another bid of the same amount but who had a lower down payment.

How did you finance this deal?

Conventional with a 25% down; used a refi from my first home that I have been renting out for the past 3 years.

Lessons learned? Challenges?

Lessons learned when doing a refi. The company I used was pretty bad with communication and I had to extend the close on the house twice because the refi wasn't done on time.

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

I would recommend Anthony Payne, the realtor I worked with at Omni and Kim Zavatsky at Altitude home loans who setup financing on the new investment property.