90 Day Challenge Success Story!
Hi BP/Brandon!
Just listened to Podcast Episode #261 and I am writing to the BP Community to share our success story. I am proud to say my partner and I took the 90 Day Challenge and we landed our first deal. In doing so, we were able to officially open our company, C+G Property Group, LLC.
Closing on this deal allowed us to gain a track record in our community of real estate investors. People are beginning to look at us as experts because of the thorough urban analysis we did on the property and the surrounding community. Because of this, we were asked to speak this weekend at our local REI MeetUp. There we will be sharing about how our background as architects combined with our drive to succeed led us to closing the deal.
The property we closed on was an off-market duplex for $20K. We discovered this property through a fellow BP member! When we initially ran our conservative numbers, we assumed the property would appraise out at $120K after $90K in repairs and each 4 bedroom unit would rent for $1100. The appraisal the bank had done told us the property will be worth $155K and the rents should be around $1250 a month! We did not expect to have the opportunity to complete the BRRRR strategy going in. But based on the appraisal we are going to let the property go through a seasoning period and refinance out our cash!
Thank you Brandon for putting the 90 Day Challenge out to the BP Community. Your commitment and effort to help others succeed is remarkable. We wish you a prosperous New Year!
All the best,
Scott + Jim