Church Street - 2 BRRRR

[Anthoney Hanks]

Investment Info:

Single-family residence buy & hold investment in Crandall.

Purchase price: $145,000
Cash invested: $35,000

This is my second renovation. It was a 5/2, but you had to go through bedrooms to get to bedrooms. In the design, you will see we are adding making a hallway to make it functional. Really no work on exterior, but a lot on the interior. 

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

My strategy is going to be a mix of flips and BRRRRs. I loved the potential on the property.

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

Out of the MLS. The seller needed to just walk away from it. I basically got him out of it to save his credit.

How did you finance this deal?

Hard Money Loan - Easy Street Capital

How did you add value to the deal?

Gutting the inside and updating. We are creating a true Master bedroom and bathroom along with a nice utility room.

What was the outcome?

Still working on it.

Lessons learned? Challenges?

I truly believe that I let my emotions get the best of me. This deal is border line break even, if it was not for the appreciation at this point. I wish I could have gotten it cheaper, but I am doing what I have to make it work.