All Forum Posts by: Heath D Wallace

Total rehab is $66,500. Expected ARV $200,000.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $75,000
Cash invested: $69,500

This a complete gut rehab. The foundation needs raising, the electrical breaker box needs updating, we are adding a bathroom, so it will be a 3 bed 2 bathroom once all is said and done. Everything else has been gutted to the studs.

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

I was looking to BRRRR a property and I wanted something close to where I know people. Also the Hard Rock Cafe just opened a Hotel/Casino.

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

I found a realtor on zillow from another posting. I told her what I was looking for, and she said I have just the thing.

How did you finance this deal?

HELOC from my primary residence.

How did you add value to the deal?

By adding a bathroom & updating the interior.

What was the outcome?

We shall see.

Lessons learned? Challenges?

It's hard to find a contractor in the Bristol area.

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

Donna Addington

I contacted Rocket Mortgage they can give me a $50,000 loan with a 6-7% interest rate.  As long as the appraisal comes back at $85,000.  This isn't a rehab draw loan.

What does a good Rehab Loan look like for a $75,000 house with a $70,000 rehab budget?  I'm looking for interest rates, draw schedules, etc...

So you expect the repairs to be $45k maximum? I still need an estimate from a contractor to get a ballpark figure, $30 was a speculation. I was also thinking about adding a bathroom to boost the ARV. Thanks for the input.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

I'm looking for properties in South West Virginia to BRRRR under $100k Maybe near Bristol or the Roanoke area.

Investment Info:

Townhouse buy & hold investment.

Purchase price: $175,000
Cash invested: $51,500

Cash flowing townhouse in Fort Worth, Texas

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

No property management needed.

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

Contacted and agent from Zillow in the Austin, Texas market and they suggested the area.

How did you finance this deal?

I had to prove I had 20% down and I used and all cash buyer then I bought it from using a 30 year mortgage.

How did you add value to the deal?

Did a few necessary repairs and some requested items from tenants.

What was the outcome?

Cash Flow is $280 monthly

Lessons learned? Challenges?

From the beginning it was cash flowing more than it is now but because insurance & HOA went up I started breaking even for almost a year. I had to change insurance companies, raise the rent and I used a company called Ownwell to help reduce my property tax. Now my property is cash flowing again.

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

Shannon Barron at Keller Williams