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All Forum Posts by: George Waters

George Waters has started 8 posts and replied 18 times.

Post: Our Team's First BRRRR

George WatersPosted
  • Specialist
  • Philadelphia, PA
  • Posts 20
  • Votes 3
Thanks Brian!
Originally posted by @Brian G.:

@George Waters

Dude, that's awesome. Congrats.

Post: Our Team's First BRRRR

George WatersPosted
  • Specialist
  • Philadelphia, PA
  • Posts 20
  • Votes 3
Hey Gerald, we did not. We used 25k cash(some our own money, some from private investors) and we got 10k seller financed for 1 year. This deal was too small to fit most hard money lenders guidelines.
Originally posted by @Gerald Davis:

@George Waters

Did you use any hard money lenders

Post: Our Team's First BRRRR

George WatersPosted
  • Specialist
  • Philadelphia, PA
  • Posts 20
  • Votes 3
Best of luck Jonathan!!
Originally posted by @Jonathan Marrow:

Congratulations on your first BRRRR ! I am currently trying to research the numbers to complete mine.

Post: Our Team's First BRRRR

George WatersPosted
  • Specialist
  • Philadelphia, PA
  • Posts 20
  • Votes 3

Thank you everyone!

Post: Our Team's First BRRRR

George WatersPosted
  • Specialist
  • Philadelphia, PA
  • Posts 20
  • Votes 3

Investment Info:

Single-family residence other investment in Williamstown.

Purchase price: $35,000
Cash invested: $46,000

Our First BRRRR. We purchased this property for 35k (25 cash+10k owner financed). It took about 20k and 45 days to get it back up in rental condition. we leased the property for $1395 a month and expect the property to appraise at 80-90k in 6 months!

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

the goal of creating a cash flowing portfolio with limited funds

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

Found on craigslist. Was listed for 45k, we negotiated with the seller directly

How did you finance this deal?

25k cash(mix of private money and our own) and 10k note carried by owner for 1 year

How did you add value to the deal?

We installed: flooring, paint, new roof, new appliances, and kitchen cabinets

What was the outcome?

Tenant paying $1395

Lessons learned? Challenges?

LOOK AT ROOFS VERY CLOSELY, maybe invest in a moisture gun

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

no

Post: Our Team's First BRRRR

George WatersPosted
  • Specialist
  • Philadelphia, PA
  • Posts 20
  • Votes 3

Investment Info:

Single-family residence other investment in Williamstown.

Purchase price: $35,000
Cash invested: $46,000

Our First BRRRR. We purchased this property for 35k (25 cash+10k owner financed). It took about 20k and 45 days to get it back up in rental condition. we leased the property for $1395 a month and expect the property to appraise at 80-90k in 6 months!

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

the goal of creating a cash flowing portfolio with limited funds

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

Found on craigslist. Was listed for 45k, we negotiated with the seller directly

How did you finance this deal?

25k cash and 10k note carried by owner for 1 year

How did you add value to the deal?

We installed: flooring, paint, new roof, new appliances, and kitchen cabinets

What was the outcome?

Tenant paying $1395

Lessons learned? Challenges?

LOOK AT ROOFS VERY CLOSELY, maybe invest in a moisture gun

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

no

Post: Would you take a tenant with a prior eviction

George WatersPosted
  • Specialist
  • Philadelphia, PA
  • Posts 20
  • Votes 3

Really depends on your property, the neighborhood, and the options in front of you.

we refer to it that sometime you "take the best of the worst" meaning if your options are limited and you don't have the perfect tenant, take the best of your options . One thing I would suggest if you go with this tenant is letting your concerns be known before signing the lease. See how they react and what their story is, you learn ALOT about a person when they are explaining themselves.

Best of Luck!

Hi Tyler! Did you end up starting that LLC? We are in the same position currently!