Our first Rental - a SFH BRRRR in Boise
Investment Info:
Single-family residence buy & hold investment in Boise.
Purchase price: $205,000
Cash invested: $13,500
Our first BRRRR property in Boise! Occupied within 2 weeks with fantastic tenants!
What made you interested in investing in this type of deal?
Boise fundamentals and high potential for equity/appreciation growth with value add
How did you find this deal and how did you negotiate it?
on the MLS, was previously under contract but came back on for 24 hours after trace amount of mold was found, which spooked the original buyers
How did you finance this deal?
conventional, 20% down with a partner
How did you add value to the deal?
$13,500 in rehab. Mostly cosmetic with cost effective touches to the bathrooms and kitchen to improve aesthetics
What was the outcome?
30k+ immediate equity created, rented within 2 weeks of closing to high quality tenants
Lessons learned? Challenges?
Was rejected on quite a few offers before but was opportunistic and stuck to the process
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes! Corby Goade with Boise Turnkey and Heather Eshelby with Cohesion Properties