Investment Info:
Single-family residence buy & hold investment.
Purchase price: $210,000
Cash invested: $15,000
This is my first personal BRRRR.
What made you interested in investing in this type of deal?
The ability to use VA loan and live in while "flipping" the property.
How did you find this deal and how did you negotiate it?
I am a licensed RE agent and I deliberately searched for properties that were well under "move in ready" so that I could establish instant sweat equity.
How did you finance this deal?
VA Loan
How did you add value to the deal?
I am living in and rehabbing this property slowly as I live in it.
What was the outcome?
The current value of the home is now 290,000 (2021); When I have finished the new kitchen and bathroom components, I believe it will appraise between 360k - 410k, depending on timeframe.
Lessons learned? Challenges?
Always hire a contractor or get expert opinion on something you do not fully understand. Plumbing got me a few times, so I reached out to a plumber :)
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Myself, because I live and I do it. I have many years experience in rehabs/ wholesales and of course all residential sales.
