Updated over 3 years ago on . Most recent reply
BRRRR Before and After
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $240,113
Cash invested: $200,000
BRRRR - Complete rehab - bank owned - electrical, plumbing (all of it), heating, roof, parking, porches, doors, water line to street, and yes even the kitchen sink ;)
What made you interested in investing in this type of deal?
Thought we were getting a deal with a foreclosure.
How did you find this deal and how did you negotiate it?
Foreclosure was on MLS, banks take bids and make all the rules. We won the bid and are cash flowing and have absolutely FANTASTIC TENTANTS!!!
How did you finance this deal?
Hard money then cash our refinance.
How did you add value to the deal?
All new
What was the outcome?
Positive we were able to get most of our money back on refinance to put into another deal.
Lessons learned? Challenges?
Plumbing stack in older house usually needs replacing, rewiring job and electrical contract was the toughest because we did not structure the contract properly and payments were made prior to all work being done.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes
