My wife and I moved to Panama City FL early last month because Tyndall Air Force Base brought us down here. I used a VA loan to buy our first house a month ago today. In that month we have utilized the separated guest suite and one guest bedroom to house-hack using Airbnb. I'm happy to report that our mortgage, taxes, and insurance payments are now completely covered and we have an extra $100 to go towards utilities, so we basically are living with zero living expenses! Since I have been involved with BP I knew this is the route I wanted to start with and its awesome to see it working like advertised. It just takes the due diligence in the beginning and the courage to go for it when you spot the right opportunity.
Now one month later I am closing on another SFR property that will be a BRRRR. I identified it driving for dollars, and sent a letter to the seller. After speaking with him he agreed to seller finance, and I was able to buy the property at about 30% of its ARV so it has huge value add potential. It does have hurricane damage from hurricane Michael, which affected the area last October, but that is where the opportunity is here. I am financing the rehab with private money partners, who are also handling all the upfront costs and carrying costs. So I got into this deal for a true no money down (if you don't count the $200 inspection) and may see an infinite return on the property after pulling cash out post refi. The rehab will begin shortly and am excited to see that through.
Thank you to BP for all the guidance thus far, it's in large part because of this platform that I've been able to make these things happen.
@Blake Dailey that's awesome, congrats and keep it going!
@Zack Karp thank you!
@Blake Dailey hey Blake! Holy smokes congrats!! Can't wait to hear more about this deal, will you be a the pcb investor meetup on Wed Sep 4th?? We also closed on a BRRR property last week! Woot woot! -Maggie & Dan
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing