First BRRRR during pandemic

[Joy Emeleogu]

Investment Info:

Single-family residence buy & hold investment in Gastonia.

Purchase price: $85,000
Cash invested: $5,000

Contributors:
Samara Huntley

Purchase price 85k, Rehab cost 15k, ARV 160k, Rented for $1195, 2 weeks after Rehab. Cash out refinance 95%, because bank deducted 5k for closing cost and pay us the rest. Therefore total cash invested 5k.
My husband and I have a home run on our first deal during COVID-19.
We are excited and are looking forward to growing our real estate business.

Thanks to Bigger pocket podcast and forum.

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

We wanted to wet our feet with single family home first.

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

We found the deal through MLS, ran our numbers using bigger pocket deal analysis.

How did you finance this deal?

Purchase with cash and just refinance and add mortgage.

How did you add value to the deal?

We gutted the bathroom, update the house throughout and added new appliances.

What was the outcome?

ARV 160k

Lessons learned? Challenges?

We had a problem finding the right bathtub because the original bathtub was no longer available. We finally saw the bathtub online, ordered it and it took 3 weeks to arrive.

Also, it took about 2 weeks for the appliances to be delivered because of pandemic.

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

Samara Huntley was our agent and I meet her from Bigger pocket forum. We connected and moved from there.

She guided us through out the whole process.