Updated over 7 years ago on . Most recent reply
My first BRRR is looking great
Investment Info:
Single-family residence buy & hold investment in Loxahatchee Groves.
Purchase price: $230,000
Cash invested: $45,000
BRRR method in the works. I have not refinaced it yet but it is rented for season for $3200 all up front. Now, am just looking toward the next deal.
What made you interested in investing in this type of deal?
I had a 1031 to complete and it fit into the picture
How did you find this deal and how did you negotiate it?
MLS, real estate agent
How did you finance this deal?
1031 exchange, cash
How did you add value to the deal?
Repaired jungle of a pool, pulled up carpet and added tile throughout, new appliances, exterior and interior paint, new well and water filtration system.
What was the outcome?
$3200/ per month for season (7 months) so I am feeling good right now. It should appraise at $320 or so.
Lessons learned? Challenges?
Keep your contractor on a tight timeline.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Cheerful agents llc were my team of realtors and they were wonderful.