Updated almost 5 years ago on . Most recent reply
BRRRR, House Hack, Foreclosure Trifecta
Investment Info:
Small multi-family (2-4 units) buy & hold investment in Ithaca.
Purchase price: $230,000
Cash invested: $46,000
Purchased as a foreclosure. I remodeled the kitchen in two of the units and the third only needed paint and new carpet. I have lived in one of the units for about 2 years now. I recently refinanced to pull out my initial investment.
How did you find this deal and how did you negotiate it?
The house was listed on MLS. The listing requested best and final offer be submitted by a certain date. I was in Mexico when they needed a new "best and final offer." I had to find a fax machine in Mexico to increase my offer by $30,000
How did you finance this deal?
Started with a commercial loan and refinanced into a residential.
How did you add value to the deal?
Remodeled 2 kitchens and one bathroom, refinished floors, new carpet.
What was the outcome?
The house of cards is still standing.
