Single family Brrrrr In Panama City FL

[Joey Sostheim]

Investment Info:

Single-family residence buy & hold investment in Panama City.

Purchase price: $36,000
Cash invested: $49,000

We purchased this Hurricane damaged house using excess cash from our previous Brrrr refinance of a duplex. This house had a solid foundation and good tile flooring that was about it. We converted from a 1-1 to a 2-1 and basically repaired everything plumbing, electric, roof .... you name it we had to do it! Turned out great and is a solid cash flow property for us

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

Love the brrrr method plus I want to help rebuild my hometown after hurricane michael

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

I negotiated this purchase along with a duplex and another Single family from a private seller. All hurricane damage and no insurance

How did you finance this deal?

Cash

How did you add value to the deal?

We completely remodeled the home

What was the outcome?

Great cash flowing property currently rented for $1430 per month with $0 left in the deal

Lessons learned? Challenges?

I made the mistake of purchasing this in my llc instead of personally. In Florida the homeowner can be your GC but because I purchase I. An llc I had to get a GC. Even though I did it myself with subs