Updated about 7 years ago on . Most recent reply
BRRRR- Our first purchase!
Investment Info:
Single-family residence buy & hold investment in Muncie.
Purchase price: $26,500
Purchase Price- $26,500 (cash)
Rehab- $4,500
Refinanced- $32,550 ($1,550 positive!)
Rent- $750/mo
Mgmt- 10%
Mortgage, Tax, Ins- $456/mo
Cash Flow -$219/mo
This was our first deal.
Walked away with finds to pay for our business start up expenses i.e. (filing with state, operating agreement created by attorney, and initial funding of business account.
For a first purchase, this worked out wonderfully!
What made you interested in investing in this type of deal?
The simplicity of the property in a desirable location
How did you find this deal and how did you negotiate it?
MLS. Negotiated price with having a cash offer
How did you finance this deal?
Local bank
How did you add value to the deal?
Vinyl plank flooring and paint
What was the outcome?
Refinanced $1,550 ahead and paid for our initial business expenses
