Saint Paul Minnesota BRRR
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $171,734
Cash invested: $171,734
We're applying the BRRR strategy with this. We expect that we will be able to re-finance and pull most of our cash. of the property (we'll probably need to leave ~$8k in), yet still generate ~$350 per month in positive cash-flow. Through the process of renovations (~30k in work doing a new kitchen, windows, cosmetics) we anticipate we will have built ~40k in equity.
What made you interested in investing in this type of deal?
We love midcentury ramblers/ranch style homes. The one had all the right things wrong with it. We've done 2 already this year and this one was a walk-out! :)
How did you find this deal and how did you negotiate it?
This one was on the MLS. It was priced fairly, but was poorly marketed. We were able to get it under contract, and further negotiate a price that made sense to move forward with.
How did you finance this deal?
Cash
How did you add value to the deal?
New windows. Full kitchen remodel. Full cosmetic upgrades to bathrooms and entire home. Exterior and interior painting. Light landscaping and tree trimming.
What was the outcome?
Currently in progress. Will update
Lessons learned? Challenges?
Currently in progress. Will update
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Yes
