NW San Antonio BRRRR
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $152,000
Cash invested: $34,500
This is a single family home we remodeled and refinanced and will be a short term rental.
This deal was actually funded by a private lender who found us on BP. With our projected numbers we thought it would be worth 250-260 remodeled and the appraisal came back at 292 and we're refinancing at 80% of appraised value and able to payoff our lender, fund the rehab, and cash out a nice chunk of money.
What made you interested in investing in this type of deal?
I love these well kept, but dated homes. We typically stay away from big remodels but really like easy cosmetic rehabs on houses like this.
How did you find this deal and how did you negotiate it?
I believe this one came from a TV ad. The owner was an older lady who needed to move to georgia to stay with family as it was becoming tough for her to keep up with the house on her own.
How did you finance this deal?
A private lender we found through BP.
How did you add value to the deal?
Updated the house, exterior paint, new kitchen, interior paint, new floors. Updated all the fixtures and hardware.
What was the outcome?
It appraised higher than we expected, our lender is happy with his returns, and we are cashing out 20k+ and will have a nice short term rental in a good neighborhood.
Lessons learned? Challenges?
I always forget that things move slower and cost more than you plan for.
