BRRRR in Savannah GA

[Curtis Bellenot]

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $85,000
Cash invested: $135,000

Single Family Victorian that was converted into a duplex sometime in the 1930's, we fully gutted this property and kept it as a duplex. Completely rebuilt it from the studs out, installed new wiring, new plumbing, HVAC, drywall, paint, trim and restored the original windows and hardwood floors. Added two bathrooms, installed new kitchens and decks and lower railings.

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

This value add BRRRR was right up my alley, we had done 3 other houses in this neighborhood and I knew the value of this property was going up.

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

This was a wholesale deal from a great wholesaler named Alex who called me, I met him at the property 30 minutes later and bought it for the $85,000 he was asking, I would have probably bought it for $100,000.

How did you finance this deal?

Hard money loan through Mofin Lending

How did you add value to the deal?

Completely rebuilt this entire house.

What was the outcome?

It became a GREAT cashflow property on top of the $77,000 I pulled out of the cash out refinance.

Lessons learned? Challenges?

I fired my contractor about 75% of the way through this project and had to hire a new contractor to finish it. I ended up just hiring a bunch of guys to finish it and now I have a crew that knocks out my projects.

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

Mofin lending was GREAT on this project!

[Dmitriy Fomichenko]

Wow, nice @Curtis Bellenot !