Another Out of State BRRRR Complete
Investment Info:
Single-family residence other investment.
Purchase price: $65,000
Got this deal from a wholesaler.
PP: $65k
ARV:$115k
Rehab: $10k
Rent: $1200/mo
What made you interested in investing in this type of deal?
The cashflow, location and small rehab needed.
How did you find this deal and how did you negotiate it?
Found through a local wholesaler I have a relationship with. Negotiated based on rehab estimate and work that needed done. They also needed to offload it which helped.
How did you finance this deal?
Hard Money loan (12%, 2 points)
How did you add value to the deal?
Cosmetic rehab
What was the outcome?
Refinanced out of Hard Money Loan at 6% - 30 yrs term
Lessons learned? Challenges?
Have a backup plan. I was planning to flip this during a time when the market would have demanded $140k for it. However, my GC had some family emergencies pop up which pushed the rehab out by two months. Long story short, the market shifted a bit and it made more sense to rent because the rents stayed consistent. So I placed a tenant instead and did a cash-out refi.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with longhorn Investments. I would recommend them as a hard money lender. Smooth and easy process!
