BRRRR Investing in Roanoke
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $99,000
Cash invested: $10,000
BRRRR. 2/1 into 4/2. Refi'd out at 99k with only 10k left in the deal.
What made you interested in investing in this type of deal?
BRRRR Trial in new investment area. I wanted to see what the market held before investing more in the area.
How did you find this deal and how did you negotiate it?
Found it on the MLS and offered 75% of asking price of which they took it without negotiation.
How did you finance this deal?
HELOC of the purchase and then personal money to rehab. Then we refinanced.
How did you add value to the deal?
Finished the basement making it into a 4/2 from a 2/1. Added HVAC and legitimate plumbing. Increased square footage and made it an open floor plan. Added deck and parking to the back of the house.
What was the outcome?
Appraisal at 132k with 110k into it of which we took out 99k.
Lessons learned? Challenges?
Should have offered less for the property. We purposely bought the worst house we could find so we knew exactly what we would be up against if we wanted to do more.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
My brother, Kyle Hastings, is a lender whom I worked through. And I had an agent that is a close friend that I would recommend.
Most Popular Reply
@Glenn Hastings Where was the property? Just generally (Northeast, Southwest, etc), not looking for the address. Thanks. And this looks like a pretty good deal.