Investment Info:
Single-family residence buy & hold investment.
Purchase price: $67,000
Cash invested: $25,000
Single family home that we are BRRRR'ing. We are currently doing some DIY renovations on it.
What made you interested in investing in this type of deal?
Seemed like a good BRRRR opportunity.
How did you find this deal and how did you negotiate it?
I am an agent and I found it on the MLS. We offered below asking and then negotiated down another 5% after inspections.
How did you finance this deal?
Traditional mortgage then after renovating with cash we will refi. On our next one we will utilize cash for purchase and a HELOC for renovations then refinance. That way we will not have 2 conventional loans on on property and we limit all the closing costs.
How did you add value to the deal?
We are doing a pretty full cosmetic reno. New kitchen, update bathroom, new floors, some exterior work, new water heater, and paint. It already has a new roof and the heater is only halfway through its design life.
What was the outcome?
Still working on it.
Lessons learned? Challenges?
We wanted to DIY this first one to have a base of understanding about renovations and costs. We are discovering that finding the time to actually do it is difficult with very busy lives.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes. I worked with me, I'm pretty good :) I actually just received the same award that David Greene won. I'm in the largest real estate office in Philadelphia (KW Philly) and was just awarded Rookie of the Year. I worked with Mike Tavani at Guaranteed Rate and as a lender and he is fantastic!
