Investment Info:
Single-family residence fix & flip investment.
Purchase price: $100,000
Cash invested: $5,000
Sale price: $159,900
I'll jump to the point - I should've BRRR'd this deal 🤦🏽‍♀️
I bought this house in 2020 with plans to make it my girl’s and my “lady cabin” (hence the pink door). However, I got big eyes the following year when I knew I could sell it and make a “crazy” amount of cash.
What made you interested in investing in this type of deal?
It was supposed to be my primary house. However, I had fix and flipped my previous house so I had a hunch I would end up doing the same with this. (I also should've BRRRR'd that one.)
How did you find this deal and how did you negotiate it?
I trolled Zillow and Realtor.com. I knew the local market and what style/size home I could confidently renovate myself.
How did you finance this deal?
Conventional loan
How did you add value to the deal?
I stuck to the modern theme - replacing light fixtures from Amazon, peel & stick flooring in the kitchen, and adding a fresh coat of paint on the cabinets and walls. Just a little bit of TLC and staging (with my own furnishing) went a long way!
What was the outcome?
Quick $$$$ but stuck renting until I found the next deal.
Lessons learned? Challenges?
I seem to get stuck/scared at the "rent" stage of BRRRR and take the quick way out by selling.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I have a few trusted realtor acquaintances in this area that I trust, so I try to spread the love between them with each buy.
