Used HELOC to purchase BRRRR
Investment Info:
Single-family residence buy & hold investment.
Purchase price: $37,000
Cash invested: $57,000
Bought @ 37K
Rehabbed @ 20K
Rent @ 985
Refinanced@ ARV=85K LTV=75%
Repeat= 60k to purchase small multifamily
What made you interested in investing in this type of deal?
Under market purchase price
How did you find this deal and how did you negotiate it?
Wholesaler and yes, we negotiated!
How did you finance this deal?
Primary Residence HELOC
How did you add value to the deal?
Making a 4th Bedroom
Making necessary updates
Able to rent property at market value
What was the outcome?
We were able to receive 100% of our initial investment back after we cashed out refi the property!
Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?
Nuparodox
