My first long distance BRRRR in ATL

[Kent Lyons]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $155,000
Cash invested: $50,000

This one has been a long journey. I found it on the MLS but there was no viewing until an accepted offer since it was occupied by a tenant. I got it under contract in Sept 2020, but the tenant needed 60 days notice, so we pushed out closing for 60 days. 60 days comes and goes and the tenant still isn't out. Two extensions later and I finally close. It took another 6 weeks to get the contractor out there and started in earnest on a rather extensive remodel in the beginning of Feb. Remodel finished in April and rented out in June. Just finished my cash out refi as a BRRRR. Not a perfect one, but had some forced appreciation. Next step... Repeat!

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

It looked like I could force appreciate it and BRRRR

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

It was priced well, so not much negotiation needed

How did you finance this deal?

Purchased with cash, then refi with conventional loan after 6 months

How did you add value to the deal?

Remodel! New kitchen, updated baths, new LVP, new floors, new furnace, plus paint and lots-o-little things.

What was the outcome?

Successful BRRRR.

Lessons learned? Challenges?

The challenge on this one was really the slow timeline. From initial closing, through remodel things were not very fast. But being an out of state investment I think was a good thing. It wasn't in front of me all of the time to be a worry. So I could just keep things going along at the pace they went.