All Forum Posts by: Joey Sostheim

Investment Info:

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

Purchase price: $89,000
Cash invested: $15,000

This is our first (my wife Carly and I) attempt at Brrrr. We purchased this duplex 2/1.5s with a combination of our cash and seller financing. It’s a great location in my own neighborhood. Update the duplex is rented for a total of 2650 per month. We invested a total of 114,000 in the duplex it appraised at $220k we took at $150k and I was able to pay cash for my next project The 36k single family home!

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

A friend turned me on to BiggerPockets and the brrrr method

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

I saw a listing on Zillow for a single family next door and after doing some research I found out the owner had several properties I was interested in including this duplex Nextdoor to the listed property.

How did you finance this deal?

I used my own cash along with short term seller financing

How did you add value to the deal?

We fixed all issues left from a shotty after hurricane repair job. Painted interior and exterior and upgraded flooring counter and appliances

What was the outcome?

We are currently leasing one side $1250 and the other at $1300.

Lessons learned? Challenges?

I learned to think outside the box, to make this happen I had to purchase two other single family homes that were in need of complete gut jobs. Both of which worked out for brrrs as well

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

Nope the seller had been screwed by a wholesaler after the storm and wanted nothing to do with agents🤷🏼‍♂️

Investment Info:

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

Purchase price: $89,000
Cash invested: $15,000

Just closed on this duplex along with two single family homes. I bought the single family homes for cash 36k and 40K they are both requiring major rehab, but this duplex is strickly cosmetic and THe seller (same for all three properties) is doing a short term owner finance on this duplex. This is our first (my wife Carly and I) attempt at Brrrr. Update the duplex is rented for a total of 2650 per month. We invested a total of 114,000 in the duplex it appraised at $220k we took at $150k and I was able to pay cash for my next project The 36k single family home!

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

A friend turned me on to BiggerPockets and the brrrr method

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

I saw a listing on Zillow for a single family next door and after doing some research I found out the owner had several properties I was interested in including this duplex Nextdoor to the listed property.

How did you finance this deal?

I used my own cash along with short term seller financing

How did you add value to the deal?

We fixed all issues left from a shotty after hurricane repair job. Painted interior and exterior and upgraded flooring counter and appliances

What was the outcome?

We are currently leasing one side $1250 and the other at $1300.

Lessons learned? Challenges?

I learned to think outside the box, to make this happen I had to purchase two other single family homes that were in need of complete gut jobs. Both of which worked out for brrrs as well

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

Nope the seller had been screwed by a wholesaler after the storm and wanted nothing to do with agents🤷🏼‍♂️

Congrats nice project. I have two going in Panama City urgently one brrrr and one flip. Love this market glad it’s my hometown 

@Blake Dailey probably won’t make it tonight but I’ll be there next month

@Blake Dailey what are the details? I’m at work but might could make it by after

@Blake Dailey congratulations on a solid deal. I’m in Panama City as well. I’m always looking for deals let me know if you find anymore

Investment Info:

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

Purchase price: $89,000
Cash invested: $15,000

Just closed on this duplex along with two single family homes. I bought the single family homes for cash 36k and 40K they are both requiring major rehab, but this duplex is strickly cosmetic and THe seller (same for all three properties) is doing a short term owner finance on this duplex. This is our first (my wife Carly and I) attempt at the BRRRR method. Stay tuned for a couple of newbies diving in head first.

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

I read Rich Dad Poor Dad, then a friend sent me an episode of the BP podcast. I drank the Koolaid and here we are.

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

I found this deal by driving the neighborhood and tracking down the owner cold call style.

How did you finance this deal?

Seller financing and Cash

How did you add value to the deal?

We repaired and updated after hurricane damage

What was the outcome?

Still waiting on final outcome as we have not refinanced yet but we are surrently leasing at $2200 per month

Lessons learned? Challenges?

Still learning everyday but so far I've learned that you just got to jump in and do something.