We are doing our first BRRRR

[Sheri Fluellen]

Investment Info:

Single-family residence other investment.

Purchase price: $70,000
Cash invested: $70,000

Purchased this dilapidated small rural home on 8 acres. We are in the process of rehabbing it to execute the BRRRR strategy.

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

It was a pretty cheap deal I found on the MLS.

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

Found it on the MLS.

How did you finance this deal?

Used money from a HELOC on our personal residence.

How did you add value to the deal?

We are gutting the home and rehabbing it. We cleaned up all the trash on the property. We're improving the outbuildings.

What was the outcome?

We aren't done with this yet. Should be done by May.

Lessons learned? Challenges?

We sat on this a couple months before we ended up deciding to rehab it verses demoing it. Should have made that decision faster.

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

My husband and I are both agents and we negotiated and purchase the property ourselves.