First Brrrr looking for some good pointers in the right direction

[Jaime Gomez]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $310,000
Cash invested: $18,000

First home/ Investment, House had a studio built on it. Currently in the refurbished stage to, Looking to cash out refi to hold cash and wait for a second BRRRR investment home. Home was purchase about a year ago. My property was apprized at 340,000 back in 7/20 without renovation when purchase (I did most of the Construction myself). I'm looking to cash out refi and repeat the process

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

I had been renting out for a long time and I wanted to get my own place. I save enough for a down payment and got really lucky and score a good deal. The house needed work done to it and I started to work on it with the hopes to create equity. My next door neighbor gave me some very valuable information and told me about BRRRR, and bigger pockets.

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

I found it on Zillow only 15 minutes posted and we where making and offer of 315000. We gave them asking price.

How did you finance this deal?

I went through loan depot, and the down payment came out of my pocket.

How did you add value to the deal?

We gave them asking price 315k, we worked in a 10k credit for work around the house, the house was apprized at 340K

What was the outcome?

good outcome. Still in work in progress looking forward to cash out refi, but need more information and direction.

Lessons learned? Challenges?

Don't be afraid of the Risk!
The only Challenges is the lack of information and experience in real-estate and financing.

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

I would highly Sammy Robinson (real-estate agent). I worked with her as she a pit bull and goes after the deal.