Updated almost 6 years ago on . Most recent reply
Completed my FIRST BRRRR!!!
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $88,000
Cash invested: $111,000
2019 Cleveland BRRRR!!! I just finished the buy, renovate, rent, and refinance on this foreclosure that I purchased. Now for the REPEAT!! I'm very proud of this property. It's a great location in WestPark...a district in Cleveland, OH. It took way too long but worth all the hard work at the end.
What made you interested in investing in this type of deal?
I loved the location of this property. It's very close to another property that I own. When I saw it became available at the county foreclosure auction, I ran the numbers based on what I knew about the property, set my limit I was willing to spend, and went to the auction check in hand.
How did you add value to the deal?
I put about $22,000 into the property to get it rent ready. This included all new doors and carpet in the bedrooms upstairs, completely remodeled full bathroom and updated half bath and kitchen.
What was the outcome?
I was able to put a mortgage on the property and with current rent, I'm making $300.00/month. Appraisal came it at $161,000!!
Lessons learned? Challenges?
The lesson I learned on this one is I can't do everything myself. But I now have a full understanding the amount of work that goes into properties and their costs.
