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Updated almost 4 years ago,

User Stats

17
Posts
9
Votes
Joey Sostheim
  • Investor
  • Panama City Florida
9
Votes |
17
Posts

Brrrr in Panama City Gl

Joey Sostheim
  • Investor
  • Panama City Florida
Posted

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Panama City.

Purchase price: $89,000
Cash invested: $15,000

This is our first (my wife Carly and I) attempt at Brrrr. We purchased this duplex 2/1.5s with a combination of our cash and seller financing. It’s a great location in my own neighborhood. Update the duplex is rented for a total of 2650 per month. We invested a total of 114,000 in the duplex it appraised at $220k we took at $150k and I was able to pay cash for my next project The 36k single family home!

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

A friend turned me on to BiggerPockets and the brrrr method

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

I saw a listing on Zillow for a single family next door and after doing some research I found out the owner had several properties I was interested in including this duplex Nextdoor to the listed property.

How did you finance this deal?

I used my own cash along with short term seller financing

How did you add value to the deal?

We fixed all issues left from a shotty after hurricane repair job. Painted interior and exterior and upgraded flooring counter and appliances

What was the outcome?

We are currently leasing one side $1250 and the other at $1300.

Lessons learned? Challenges?

I learned to think outside the box, to make this happen I had to purchase two other single family homes that were in need of complete gut jobs. Both of which worked out for brrrs as well

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

Nope the seller had been screwed by a wholesaler after the storm and wanted nothing to do with agents🤷🏼‍♂️

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