First BRRRR Investment (Out of State)
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $32,500
Cash invested: $19,000
Sale price: $147,000
This is an off market property. The home had fire damage downstairs.
Purchase price: $32,500
Rehab: $45,000
ARV: $147,000
Tenant Rent: $1300.00
I had a hard money lender fund the rehab and part of the downpayment. Once the fee's were in place I paid out of pocket 19k. Once the property is rehabbed I will do a DCSR Loan at 70%. Total after the 70% is $102.900 that I will recieve. I will then pay the hard money lender off and get my initial downpayment back and leave 47k in sitting equity.
What made you interested in investing in this type of deal?
I read the BRRRR book and became facinated with finding my nitch with the amount of capital i currently had.
How did you find this deal and how did you negotiate it?
I found this deal on a website and negotiated with the Wholesaler.
How did you finance this deal?
Hard Money
How did you add value to the deal?
Rehabbing
Lessons learned? Challenges?
- Negotiate smaller, then scale.
- Be more confident when asking questions.