Buy and Hold Primary Residence Turn BRRRR...

Investment Info:

Single-family residence buy & hold investment in Homewood.

Purchase price: $283,000
Cash invested: $15,000

Currently this property is our primary residence. We just moved back to Birmingham. We plan to live here for 2 years and then move into our next property. We plan to put renters in it.

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

We needed a place to live. We were looking for a long term investment property and location was the driving factor for this purchase. We have great options with the property moving forward.

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

We found this deal on Realtor.com and we had a friend who lives on the street.

How did you finance this deal?

Traditional loan through Regions Bank.

How did you add value to the deal?

We repainted the interior, negotiated $ to have a waterproofing system install in the basement along with structural supports, and added a dehumidifier. We are saving up to paint the exterior, landscape, re-wire the house/replace the electrical panel, remodel the bathroom, and install new appliances.

What was the outcome?

Great so far. We don't have much into the house, but it is a starting point. We are learning and planning to do most of the project listed above ourselves (with the help of a few licensed trades where required)

Lessons learned? Challenges?

Don't over pay because you feel attached to the house... We likely overpaid....

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

No