Single Family BRRRR / Live In Flip
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $370,000
I'm under contract for a single-family home in Point Pleasant, NJ. My plan is to live in it for a year or two, make cosmetic updates, add a bathroom and some square footage down the line, and then either 1) rent and refinance or 2) flip and invest in something a little bigger. My long-term vision is to own a portfolio of single-family homes, so I am leaning towards BRRRRing it.
What made you interested in investing in this type of deal?
I'm two years out of college and have flushed $30k down the toilet in rent. I wanted to buy something so 1) I could start building equity in a property 2) Begin learning more about real estate investing 3) Begin building my real estate portfolio. This property was particularly interesting because it's in a great neighborhood, but it's one of the uglier houses on the block.
How did you find this deal and how did you negotiate it?
I found this deal through working with a real estate agent. She's awesome. She's an investor with a few rental properties in the area I was looking in, so she was able to bring my some good deals. My agent helped me with negotiations. The seller initially wanted $395k, but we were able to get him down to $370k.
How did you finance this deal?
Conventional loan with 5% down. I don't have much cash - a lot of money is locked in retirement accounts.