2nd brrrr complete.
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $29,000
Cash invested: $30,000
This was a brrr deal. We paid $29k for the house with cash. We spent another $30-35k in renovations. Appraisal came back at $115k.
Rents for $1100/month
Mortgage payment of $525 ($85,000).
Tax $360/year
Insurance $425/year
Gross profit $510/month
What made you interested in investing in this type of deal?
I wanted to build a portfolio faster than I could save up and make down payments.
How did you find this deal and how did you negotiate it?
Bought this from a local wholesaler.
How did you finance this deal?
Home equity line of credit.
How did you add value to the deal?
Renovated the entire house.
What was the outcome?
Walked away with about $15k in my pocket after refi. Created $30k of equity, and a gross profit of $510/month
Lessons learned? Challenges?
This was a huge rehab. I learned I am not very organized. That would’ve helped me a lot.
