MY NEWEST DEAL! BRRRR

[Collin Bryston Adams]

Investment Info:

Single-family residence buy & hold investment in Fort Worth.

Purchase price: $164,000
Cash invested: $185,000

BRRRR deal. OFFMARKET. Currently renovating. Will update when concluded!

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

I have been focused on only doing a BRRRR deal! I want to expand my portfolio several times before I graduate college and get kicked out!

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

The listing agent that found my first ever property, duplex in Fort Worth, called me with this one too telling me it was an estate sell. He called Saturday and said it would go live on the market on Monday. Sunday I went and saw it.
Asking price was 169k, I offered 160k with no option period. They countered at 164k which I accepted as I saw that as a good luck number. It is the same price I bought my first property for!

How did you finance this deal?

CASH BABY! (with a partner too, my bank account is not that big)
I will refinance and bail my partner 100% out of the deal + interest

Lessons learned? Challenges?

How to find off market properties. I found if I offer a $2500 bounty for an off market deal that I end up closing on that suddenly everyone has a friend who might be willing to sell their house. I also did a lot of driving for deals, even though it did not find me this property.

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

Agent.