Single-family residence buy & hold investment in Omaha.
Purchase price: $85,000
Cash invested: $29,217
First BRRRR house!
Will rent for $1250 (low end)
Will Refinance at the beginning of the year, and should appraise at $150,000
What made you interested in investing in this type of deal?
Reading the BRRRR book by David Greene
How did you find this deal and how did you negotiate it?
FACEBOOK! A wholesaler put it on there.
How did you finance this deal?
Hard money. Loan of 70% ARV and 12% interest only loan.
How did you add value to the deal?
Pulled up carpet and redid wood floors. Added pass through from kitchen to living room to give house more light. Tiled upstairs bathroom and kitchen. Finished basement. Added 1 conforming and 1 legal bedroom in basement. Added a bathroom in basement.
Lessons learned? Challenges?
Fire a contractor before its too late. It will cost you more money in the end that it would to do it the right way first.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
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