1st BRRRR in Aurora, CO
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $260,000
Cash invested: $58,000
3/1 that we did a light remodel on: painted entire interior, put down laminate floors throughout, changed bathroom vanity, upgraded refrigerator, added hardware in kitchen and and on all interior doors, light yardwork. Cash flowing $500/month with great tenants.
What made you interested in investing in this type of deal?
We wanted to invest in real estate and this was what we thought was the easiest way to start. That proved to be true for us. We want to do our next deal as a Flip in CO Springs area. Looking for funders for that one!
How did you find this deal and how did you negotiate it?
We found it through our amazing Realtor, John Valdez. He negotiated it on our behalf.
How did you finance this deal?
We put 20% down through a typical investors loan. The money came from an old pension that had mostly been forgotten about and we cashed out (taking a sizable tax hit).
How did you add value to the deal?
We did a light rehab making the house worth more than what we bought it for almost instantly.
What was the outcome?
So far so good!
Lessons learned? Challenges?
The process was not nearly as hard as we thought it would be. In the Denver area- challenges are around finding contractors who show up, on time and do the job. We actually found ours through CL which we know is a no-no, but it worked out for us this time.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
John Valdez is a rock-star real estate agent- we cannot recommend him enough. We also recommend Ray Williams "The Mortgage Maestro" for loans- he's incredible as well.