Updated over 5 years ago on . Most recent reply
New Completed BRRRR in Birmingham
Investment Info:
Single-family residence buy & hold investment in Birmingham.
Purchase price: $65,000
Bought this property for $65,000 cash. Put $23,000 into it putting my total at $88,000. After seasoning, I was able to refinance and pull out 75% ARV of $125,000 ($93,750). $0 in the deal, with an extra $5,750 in my pocket and $180 a month in cash flow. NEXT!!
What made you interested in investing in this type of deal?
I think BRRRRs are some of the most solid investment opportunities there are.
How did you find this deal and how did you negotiate it?
My agent, it was a foreclosure in a nice neighborhood.
How did you finance this deal?
Cash.
How did you add value to the deal?
Cosmetic rehab.
What was the outcome?
$0 in the deal. $5,750 in my pocket and $180 a month in cash flow.
Lessons learned? Challenges?
This was my first deal. I learned about an app called Joist that was easy to pay my contractor.
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
I worked with an excellent agent. I can refer her if you message me.
