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Updated over 3 years ago,
QuadPlex BRRRR (waiting on the last R)
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Terre Haute.
Purchase price: $60,000
Cash invested: $50,000
This is my first buy and hold BRRRR property. It is unique for me because it is both an out-of-state purchase/rehab and my first multifamily. We bought the property in poor shape on a bank financed note with the intent to rehab and hold it. We expected to gross $2100 after repairs and budgeted around $20k for the repairs. We have $50k invested in this property with an ARV of $125k.
The units rent for $2550 total and we cashflow over $1400/mo after expenses. We are waiting to refinance.
What made you interested in investing in this type of deal?
The cashflow opportunities
How did you find this deal and how did you negotiate it?
Off the MLS. Negotiated the price post inspection.
How did you finance this deal?
FNMA Loan.
How did you add value to the deal?
$25k rehab plus a $30k roof replacement via insurance claim (win!)
What was the outcome?
$125-$135k ARV, $2050/mo gross rents with >$1400/mo net after expenses.
Lessons learned? Challenges?
If it were easy, everyone would do it.