BRRRR added to the portfolio
Investment Info:
Single-family residence buy & hold investment in Albert Lea.
Purchase price: $66,000
Cash invested: $3,000
Refinanced and it appraised for 84k! I received a check back for 61k. I cash flow $320 monthly and have a 980% CoC ROI!
What made you interested in investing in this type of deal?
I wanted to add to the portfolio.
How did you find this deal and how did you negotiate it?
This was on the MLS for a while, the seller was cash poor and wanted out.
How did you finance this deal?
I paid in cash and refinanced 3 months later.
How did you add value to the deal?
I bought it with equity built in. I did a deep clean, added some paint, and put in a radon mitigation system.
What was the outcome?
I added a house to my portfolio with minimal time and money invested!