My first BRRRR deal
Investment Info:
Single-family residence other investment.
Purchase price: $90,000
Cash invested: $50,000
First BRRRR. This place was a mess but its now a charming home that people love and it cashflows super well!
What made you interested in investing in this type of deal?
I was looking to do my first BRRRR. While this house was a mess, I could tell it had potential and was in a great area!
How did you find this deal and how did you negotiate it?
I found this deal through a wholesaler.
How did you finance this deal?
I used equity lines to buy and fund the flip and then did a cash out refinance.
How did you add value to the deal?
Opened up the tiny kitchen to the dining room... I had to get creative with the kitchen layout. Granite countertops and new stainless steel appliance. I converted the garage into a 3rd bedroom. Full remodel otherwise with choosing a more attractive paint color.
What was the outcome?
I got all my money out with the cashout refinance and this is now my best cash-flowing asset.
Lessons learned? Challenges?
Hire the right contractors. I had a lot of headaches with bad contractors for this one.
Most Popular Reply
Nice, good job on the refinance. Way to get that number you needed to hit on the appraisal.