83 Cherokee. First property and looking to BRRRR

[Patrick Heister]

Investment Info:

Single-family residence buy & hold investment in West Seneca.

Purchase price: $101,000
Cash invested: $20,000

Cute single family brick ranch house in western NY. 3 bedroom 1 bathroom house with a modest rehab. detached 2 car garage and decent sized fenced in back yard. Currently finishing the remodel and plan to have rented by Sept 1st.

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

I have become very interested in buying and holding real estate. This came down the pipe from my real estate agent and was soon to be foreclosed. We were able to come in at the right time with the right offer and purchase the house at a great price.

How did you finance this deal?

This house is financed under a conventional 30y fixed loan. Low money down due to first purchase.

How did you add value to the deal?

Great. Given the buy and hold mindset. I will be about to gain a good amount of equity quickly. This property will cash flow a decent amount due to a great closing price..

What was the outcome?

Still working but projected to get $50-60,000 in equity on a new appraisal and netting a fair amount in monthly cash flow.

Lessons learned? Challenges?

Networking, Networking Networking... Everyone is busy and you need to find good people to help and get thing done. You have limited time due to acquiring capital, hire out and get it rented!

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

John Fox with MJ Peterson

John Appleby with MB Financial