Single-family residence buy & hold investment in Wichita.
Purchase price: $27,500
Cash invested: $71,000
BRRRR bought at auction.com.
What made you interested in investing in this type of deal?
We wanted to get started.
How did you find this deal and how did you negotiate it?
How did you finance this deal?
Refinanced through PENFED. Initial purchase and rehab was out of pocket.
How did you add value to the deal?
Renovated 70% of the house and added a bathroom.
What was the outcome?
It is a great rental and we learned some valuable lessons along the way.
Lessons learned? Challenges?
-We will need to be better about detailing the scope of work for our contractor and negotiating with a more itemized plan.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I would recommend our entire team if others are interested. Our Property manager Kristen Williams has been a huge asset as well as our broker/agent Bryan White.
@Tyler Sharrett congratulations! Nothing compares to taking action!
Congratulations! You know Pete Rose only hit 160 home runs in his career. 1,314 RBI's, 4,256 base hits - of those 3,215 were singles. He had a nice career.
I think investing is about getting base hits, taking advantage of the occasional home run, and minimizing strike outs.
Keep the bat on the ball! Sounds like you are off to a great start!
@Ritch Bonisa thank you Sir. I appreciate that encouragement and agree that Pete Rose made a good career out of base hits.
Wow! 71k rehab on your first deal! Good work, you probably learned a lot from jumping into such a project.
What did the property appraise at when you refinanced? What's it renting for?
Congrats @Tyler Sharrett
@Elliott Elkhoury , thanks! It appraised for 65k and is rented for 875/per month. We were very happy with the appraisal and we are looking to acquire another on the same street to help turn it for the better.
Not bad on the rents.
So you're all in for 71k including purchase price? Or is that not including the purchase. Appraisal came in a little low! That happened to me on a BRRR deal on a small house a few years ago too.
Action trumps all. Congratulations on your first deal. I'm sure many more to come!
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