1st BRRR in Alabama fix and refinanced.
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $187,000
Cash invested: $80,000
1st BRRR in Alabama
What made you interested in investing in this type of deal?
It was priced great in a great location
How did you find this deal and how did you negotiate it?
We found it on a wholesaler website/
How did you finance this deal?
We obtained private money financing for the full purchase price at 10% return on their investment ($18,700) . For a total payback of 205,700k
How did you add value to the deal?
We re did the kitchen, floors, and the master bathroom
What was the outcome?
We cashed out refinanced and get our money back and rented the home out at 2800 a month.
Lessons learned? Challenges?
Write down our expenses, and have a better plan. I feel like we could of saved 5-10k if we were more organized.