My first BRRR! Any investors interested?`1
Investment Info:
Retail commercial investment investment.
Purchase price: $139,000
Cash invested: $2,000
I've spend the last year renovating a 3 story building while in a rent to own contract. The first floor is reconstructed into a salon and the second and third floor are now a comfortable Loft style townhome. I am currently looking for a Hard Money Loan or commercial loan to complete final projects with the equity after a professional appraisal.
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What made you interested in investing in this type of deal?
GREAT OPPORTUNITY FOR SMALL BUSINESS OWNER, OFFICE SPACE DOWNSTAIRS AND A 2 BEDROOM APARTMENT UPSTAIRS THAT COULD BE USED AS LIVING QUARTERS OR RENTAL UNIT, IN A POPULAR BUSINESS AREA OF HILTON VILLAGE. In the Hilton Village there is a variety of residential and commercial properties. This property has BOTH!
How did you find this deal and how did you negotiate it?
I was lucky to find this property, the owner basically doesn't have a need for it.
How did you finance this deal?
I am currently renting to own from the owner, however we both are looking for a better financing option.
How did you add value to the deal?
I've added value to the property by painting, replacing light fixtures, multiple ceiling repairs, shower repair, replaced toilets and vanities, replaced wood rotten side door with glass door, demolished an old shed to create more yard space, a/c repair, Heat repair and more .
What was the outcome?
This is my first BRRR, I officially start renting November 1, in the properties current condition, at $1800. I have hopes that I will run across an investor or some good advice about financing to receive more return from my first BRRR.