First BRRR Complete! West Cleveland
Investment Info:
Single-family residence buy & hold investment in Cleveland.
Purchase price: $120,000
Cash invested: $150,000
Purchased property for $120k. Remodel of property for $26k. Estimated ARV of $225k. Managed property remotely with help of GC. A 1 year lease for $1,750 was signed July 1st while mortgage, insurance and taxes are approximately $1,250 a month for an approximate monthly cash flow of $500.
What made you interested in investing in this type of deal?
The property was located in the heart of Ohio city while in need of a cosmetic makeover. The rental value of the unit vs the required mortgage makes for a great cash flow asset with built in appreciation from the make over and potential for appreciation on the hold.
How did you find this deal and how did you negotiate it?
The deal was found through the sellers agent after the first buyer fell through. Previous owner was moving out of state and looking for a quick close.
How did you finance this deal?
$150k of capital was raised from my private network with a 13% simple interest note paid back upon refinance.
How did you add value to the deal?
Remodel of bathroom, kitchen, new flooring, interior/exterior paint, doors and several other minor items.
