My BRRRR Property In Scranton PA
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $185,000
Cash invested: $25,000
I bought this 2 Unit plus a 3 car garage property, for 185,000, I invested a $25,000, and fill it up with tenants, for the main Apt of 3 bedroom 2 baths is rented for $1500, and the smaller Apt of 1 bed 1 bath is rented for $1,100, and the garage is rented for $400.
and I refinanced it and I took out all my money and now its cash flowing for $800 a month.
What made you interested in investing in this type of deal?
The property was in a nice condition, and i knew that I could take out all my money that I invested through the refi.
How did you find this deal and how did you negotiate it?
I found through Zillow and negotiated direct with the listing agent
How did you finance this deal?
DSCR loan
How did you add value to the deal?
I did a cosmetic rehab, a new painting and new flooring, and separated the heating, and did a few touch ups in the baths, and power washed the front siding.
What was the outcome?
I have a $800 cash flow without taking out money from my pocket, and I am building wealth through the tenants paying up my debt, and the property is appreciating.
Lessons learned? Challenges?
Did there is a possibility to find good deals through the MLS
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes, I am hooked up with great real estate brokers wha I have a great relationship, and great lenders, and great contractors.
