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User Stats

208
Posts
96
Votes
Brian Orr
Pro Member
  • Rental Property Investor
  • Tampa, FL
96
Votes |
208
Posts

Unintentional BRRRS after failed flip

Brian Orr
Pro Member
  • Rental Property Investor
  • Tampa, FL
Posted Oct 7 2019, 19:23

Investment Info:

Single-family residence other investment in Mt Holly.

Purchase price: $42,000
Cash invested: $88,000
Sale price: $139,000

Bought for cash to flip. Didn't sell at $115,000 so I held it for a rental. Netted $6,000 annual cash flow until sale.

How did you finance this deal?

Cash

User Stats

189
Posts
141
Votes
Bryan Richardson
  • Rental Property Investor
  • Indianapolis, IN
141
Votes |
189
Posts
Bryan Richardson
  • Rental Property Investor
  • Indianapolis, IN
Replied Oct 7 2019, 19:37

@Brian Orr

Dam sounds like a good deal to me. That's how we obtained our first rental as well, a failed flip. Still have it to this day, I dont think I'll ever want to sell it.

User Stats

985
Posts
372
Votes
Brent Paul
  • Rental Property Investor
  • Shakopee, MN
372
Votes |
985
Posts
Brent Paul
  • Rental Property Investor
  • Shakopee, MN
Replied Oct 7 2019, 19:41

It's good to see you were able to turn a not so good situation into a better one. 

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User Stats

22
Posts
12
Votes
Mart B.
  • Chicago, IL
12
Votes |
22
Posts
Mart B.
  • Chicago, IL
Replied Oct 7 2019, 21:05

@Brian Orr

Always have to have an exit strategy when one door closes. Did you consider running the number as both a rental & flip before purchasing? To see what would have benefited the most.