Glen Mist, Texas BRRR

[Kyle Varga]

Investment Info:

Single-family residence other investment in San Antonio.

Purchase price: $20,000
Cash invested: $60,000

Fix and Rent
Purchased Needed full remodel, foundation, electrical, plumbing, roof, HVAC, kitchen and all 3 bathrooms, new flooring throughout.

What made you interested in investing in this type of deal?

Being able to remodel, rent it out and refinance to get my cash back out. ended up getting all but 3K back.

How did you find this deal and how did you negotiate it?

MLS purchased at 45% of list price.

How did you finance this deal?

Cash from a home equity line on my primary residence.

How did you add value to the deal?

Full remodel, foundation, electrical, plumbing, roof, HVAC, kitchen and all 3 bathrooms, new flooring throughout.

What was the outcome?

Refinanced to get my cash out. ended up getting all but 3K back.

Lessons learned? Challenges?

Do a better inspection before purchasing. Put more money in the slush fund. I had to cut the garage I was going to add because the electrical had looked all new. Turns out it was cut in the walls.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I hired an agent to conduct the transaction.