1138 BRRRR Deal in Columbus OH

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1138 BRRRR Deal in Columbus OH

Luke Grieshop
Investor · Scottsdale, AZ · Member since 2017 · 55 posts · 18 votes

Investment Info:

Single-family residence other investment in Columbus.

Purchase price: $32,500
Cash invested: $45,000
Sale price: $32,500

I purchased a below-market deal from the MLS in September 2019 in Columbus Ohio's Milo-Grogan area. There's a lot of focus from the city to revitalize this area in the coming years. The purchase price was $32K, and my partner (who is local), put an additional 13K or so into the deal. We rented it out with the help of our property management company, and after that, the bank appraised this property at $78K. We were able to pull all of our money back out (plus a little more!). We have a great tenant in the property, and it is rented at $800/month.

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

The ability to not only create equity in a short period of time, but pull it back out.

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

MLS, seller was motivated and got about $5K knocked off an already low price.

How did you finance this deal?

Cash

How did you add value to the deal?

Kitchen cabinets, flooring, paint, exterior paint, some fixtures.

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Brandon Baker
Rental Property Investor · Dallas, TX · Member since 2017 · 61 posts · 36 votes
6y

Awesome, thanks for sharing Luke! I've bought several turnkey rentals and now looking to do a few BRRRRs to build equity even faster. Thanks for posting this! 

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  • Brandon Baker
    Rental Property Investor · Dallas, TX · Member since 2017 · 61 posts · 36 votes
    6y

    Awesome, thanks for sharing Luke! I've bought several turnkey rentals and now looking to do a few BRRRRs to build equity even faster. Thanks for posting this! 

    2Reply
  • Account Closed
    Investor · Columbus, OH · Member since 2017 · 861 posts · 1k+ votes
    6y
    Originally posted by @Luke Grieshop:

    Investment Info:

    Single-family residence other investment in Columbus.

    Purchase price: $32,500
    Cash invested: $45,000
    Sale price: $32,500

    I purchased a below-market deal from the MLS in September 2019 in Columbus Ohio's Milo-Grogan area. There's a lot of focus from the city to revitalize this area in the coming years. The purchase price was $32K, and my partner (who is local), put an additional 13K or so into the deal. We rented it out with the help of our property management company, and after that, the bank appraised this property at $78K. We were able to pull all of our money back out (plus a little more!). We have a great tenant in the property, and it is rented at $800/month.

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

    The ability to not only create equity in a short period of time, but pull it back out.

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

    MLS, seller was motivated and got about $5K knocked off an already low price.

    How did you finance this deal?

    Cash

    How did you add value to the deal?

    Kitchen cabinets, flooring, paint, exterior paint, some fixtures.

    congrats, I love Columbus BRRRR :) Just curious what side of I-71 is it on? Milo grogan got cut right down the middle by 71 when they built it.

    1Reply
  • Luke Grieshop
    OP
    Investor · Scottsdale, AZ · Member since 2017 · 55 posts · 18 votes
    6y

    @Account Closed You're right! This would sit on the East side of 71. I am out-of-state, but my realtor/partner is local and able to be our boots on the ground & project manager. 

    @Brandon Baker Thank you! This is where are focus is going to be for the near future, is exclusively on doing BRRR deals. Once we cultivate a good source of deals, I'd love to learn more about raising outside money to scale the portfolio even faster. If you have any thoughts, tips, or insight, would love to hear more!

    1Reply
  • Remington LymanBusiness Member
    Real Estate Agent · Columbus, OH · Member since 2017 · 6k+ posts · 7k+ votes
    6y
    Originally posted by @Luke Grieshop:

    Investment Info:

    Single-family residence other investment in Columbus.

    Purchase price: $32,500
    Cash invested: $45,000
    Sale price: $32,500

    I purchased a below-market deal from the MLS in September 2019 in Columbus Ohio's Milo-Grogan area. There's a lot of focus from the city to revitalize this area in the coming years. The purchase price was $32K, and my partner (who is local), put an additional 13K or so into the deal. We rented it out with the help of our property management company, and after that, the bank appraised this property at $78K. We were able to pull all of our money back out (plus a little more!). We have a great tenant in the property, and it is rented at $800/month.

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

    The ability to not only create equity in a short period of time, but pull it back out.

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

    MLS, seller was motivated and got about $5K knocked off an already low price.

    How did you finance this deal?

    Cash

    How did you add value to the deal?

    Kitchen cabinets, flooring, paint, exterior paint, some fixtures.

     Congrats!!

    [email protected]614-541-8475Podcast Guest on Show My Job Laid Me Off, So I Replaced My Salary with Rentals
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  • Robert EllisBusiness Member
    Developer · Miami, FL · Member since 2014 · 3k+ posts · 1k+ votes
    6y
    Originally posted by @Luke Grieshop:

    Investment Info:

    Single-family residence other investment in Columbus.

    Purchase price: $32,500
    Cash invested: $45,000
    Sale price: $32,500

    I purchased a below-market deal from the MLS in September 2019 in Columbus Ohio's Milo-Grogan area. There's a lot of focus from the city to revitalize this area in the coming years. The purchase price was $32K, and my partner (who is local), put an additional 13K or so into the deal. We rented it out with the help of our property management company, and after that, the bank appraised this property at $78K. We were able to pull all of our money back out (plus a little more!). We have a great tenant in the property, and it is rented at $800/month.

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

    The ability to not only create equity in a short period of time, but pull it back out.

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

    MLS, seller was motivated and got about $5K knocked off an already low price.

    How did you finance this deal?

    Cash

    How did you add value to the deal?

    Kitchen cabinets, flooring, paint, exterior paint, some fixtures.

     Excellent deal! 

    [email protected]786-494-6766
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    0Reply
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