Single-family residence other investment.
Purchase price: $360,000
Cash invested: $160,000
Long story but ill make it short. I didn't realize what I did when I was doing it but ultimately I did the BRRRR method on my property. Bought it in 2007, market crashed in 2008, but my rental income covered my mortgage, so I kept my house. After 3-4 years my prayers were answered and I received a principle reduction with a loan mod at 3% for 40 years. I kept renting my house until 2018. In 2018 I decided to be an Owner/Builder and built an ADU and extended my existing house to 3 bed 2 bath. Fast forward to the present day and my house is worth over $720,000 and I'm going to refi full out money and invest out of state. Im excited about what I've learned so far on bigger pockets and can't wait to apply it to me out of state investments in the future.
What made you interested in investing in this type of deal?
After having a 2nd baby I needed to make more space for the family and find a way to still have a rental property.
How did you finance this deal?
How did you add value to the deal?
Added an ADU and added a bed and bath to the existing
What was the outcome?
My property is now worth $720,000
Lessons learned? Challenges?
Being an owner builder has been one of my greatest experiences. Many mistakes were made or over-looked but in the end I wouldn't change my approach at all. I'm a much more confident investor now and I feel it will help me for my new investments
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