Portsmouth, VA - BRRRR

[Peter Siler]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Portsmouth.

Purchase price: $155,000
Cash invested: $15,000

Contributors:
Sean Rooks

Detached duplex BRRRR

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

Acquiring a cash flowing asset with no capital left in the property.

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

MLS - Via a investor friendly agent (Sean Rooks)

How did you finance this deal?

Hard Money + Private Money + 15K of own money

How did you add value to the deal?

Renovation, including full kitchen upgrade + raising rents to market rate

What was the outcome?

Successful BRRRR

Lessons learned? Challenges?

Add an additional 10-15% to your rehab budget.
Don't rely on tenants staying after change of ownership.
Add an additional 50% amount of time to your renovation period.

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

Yes, an agent - Sean Rooks
Yes, a property manager - Keffer Realty