Updated over 3 years ago on . Most recent reply
Second Investment Property Using BRRR
Investment Info:
Townhouse buy & hold investment.
Purchase price: $170,000
Cash invested: $60,000
Baltimore Row home.
What made you interested in investing in this type of deal?
It was a pretty big row home (4/2.5) with over 2,000 sq ft. It had minor cosmetic work needed to include carpet, paint and recess lighting.
How did you find this deal and how did you negotiate it?
We found it on the MLS and we negotiated the price from $195K down to $170K through a real estate agent.
How did you finance this deal?
Conventional loan
How did you add value to the deal?
Replaced the carpet with LVP flooring on all three levels, painted the entire house, fixed any possible mold issues in the basement.
What was the outcome?
Had all the issues fixed. Placed on market to be rented. Found a Section 8 renter. Section 8 inspector found more issues with the bars on the outside of the windows on the first floor and some outlets needed replacing.
Lessons learned? Challenges?
Maybe not put so much money into a rental property before being rented. Save in areas that are not necessary.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes