Updated almost 3 years ago on . Most recent reply
Working on a BRRR in Roanoke, Virginia
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $29,000
Cash invested: $14,000
Hi everyone, here's a little info on a nice, brick SFR that I picked up. It had been used as an illegal boarding house. Prior owner/tenants had taken out support structures inside the home that cause minor foundation issues. We have updated plumbing, electric, and corrected foundation/settling issues. Images from before. Feel free to reach out with any questions - I'm an open book.
What made you interested in investing in this type of deal?
I'm always looking for older homes with a little bit of character that can be brought back from the edge of destruction. This place had good bones, or so I thought, until we really dug into some foundation issues. I love the location being within a block of the Hotel Roanoke.
How did you find this deal and how did you negotiate it?
Off market, Chris Martin at Remax All Starts brought it to me.
How did you add value to the deal?
Complete rehab - managing contractors, working with the city. This one had been on the city's bad list for years.
What was the outcome?
Well, we're 99% done with the reno and working on a final punch list from the city inspector. Initial, unofficial, post-reno appraisal came in at 67k so we're right in the money on a BRRR.
Lessons learned? Challenges?
Get more than one foundation expert out to the property, move everything out of the way when looking through the basement. Look for bad wood near where old sewer pipes were run (of course we knew this but-DOUBLE CHECK!!). ### Have a backup electrician on standby.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Chris Martin has been great to help find distressed properties. https://www.remax.com/real-estate-agents/daleville-va-24083-chrismartin-id31070406.html
I also really like Lemus Hardwood Floors. Great work on restoring the floors guys!
Most Popular Reply
Very nice! I was just in Roanoke Monday and Tuesday. Every time I'm there I wonder how much investing is going on there. Did the rehab cost $14k? That's impressive, it sounds like it would have needed more than that.