Investment Info:
Single-family residence buy & hold investment.
Purchase price: $105,000
Cash invested: $44,757
My First BRRRR investment property in which I'm currently in the refinance portion. I'm expecting the house to appraise between $142-$150K. Some additional details: this was a HUD home, closing costs at ~$5,500, Remodel $17K, and monthly taxes are high for investors in SC at $262/month.
What made you interested in investing in this type of deal?
I've been fascinated in investing in real estate for as long as I could remember. BRRRRs / Buy and holds fit well in my risk tolerance and helps get me one step closer to the FIRE dream.
How did you find this deal and how did you negotiate it?
I found this deal searching Zillow and Redfin. It was a HUD home so I submit a bid on what I wanted to pay and it was excepted, pretty simple process.
How did you finance this deal?
Down payment, closing cost, and rehab came out of savings - Mortgage is a 30 yr conventional.
How did you add value to the deal?
Property had good bones and large lot but was a little rough inside with water damage and HVAC issues. Fixed all the issues and cosmetically made the inside one of the best in the neighborhood.
What was the outcome?
Expecting to get a large portion of my initial cash back after the Refinance and will go on to the next one.
Lessons learned? Challenges?
The biggest challenge was the distance. Purchasing a property, dealing with utility companies, and working with the contractor from AZ was frustrating at times but well worth the headaches.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Kayla Rogers - Realtor - Absolutely fantastic, can't say enough great things about her, she went well above my expectations.
Jordan Giles - Contractor - Did an exceptional job with the rehab and made the property look 1000x better, would definitely recommend.
