BRRR Single Family rental
Investment Info:
Single-family residence buy & hold investment in Fayetteville.
Purchase price: $45,000
Cash invested: $20,000
Single Family rental property. Acquired the property through my real Estate Agent in the Fayetteville, NC market Daniel Kidd. This was a whole sale deal my agent came across I bought the property in cash from a home equity loan on my personal residence. The property needed new HVAC, windows, kitchen and appliances as well as some other odds and ends. Invested about 20k to get it rent ready, and within 1 month of purchase had a renter occupying the property for 850 a month. Plan to use the BRRR strategy to refinance the property in a few months and use that cash to acquire more properties in the area.
What made you interested in investing in this type of deal?
Looking to build some passive income.
How did you find this deal and how did you negotiate it?
Real estate agent Daniel Kidd and a wholesale deal. Negotiated with the wholesaler to get a fair deal for all parties involved.
How did you finance this deal?
Using a Home equity loan on my personal residence
How did you add value to the deal?
Bought the property at a discount because it needed alot of work, added value via the kitchen, windows and hvac renovations.
What was the outcome?
Finished property has brand new everything and is currently rented out beating the 1% rule.
Lessons learned? Challenges?
Probably didnt need to pay the extra 2500 bucks for new hvac duct work, could have saved some money on the reno. I also learned that its important to jump on a deal when they come across.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Daniel Kidd, Shelby Osbourne