Samuel Beaman Rental Property Deal

Rental property Details

Property City: Durham
Purchase Price: $70,000

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Case Study

How did you find and structure the financing of this deal?

This property was listed on the MLS and I put an offer in that was about 60% of their original list price. I did not think of renting this property until I arrived at the property to see it for the first time with my agent. I purchased this property using 100% financing from a private lender that I met at our local REIA meetings

Provide a summary of the repairs and improvements you made to the property.

This property needed a new kitchen, paint, drywall repairs, carpet, and hardwoods refinished to go along with plumbing relocation.

How did you find a buyer for the property if you sold it?

I originally listed this property for rent for $1125, but I had TOO much interest. So, I took it down and relisted it for $1175/mo and only had to have 1 showing in order to have 4 applications.

What are some of the major lessons learned that you would like to share with other students that they can learn from?

I learned about the BRRR strategy and how easy it is to pick up cash flowing rentals with Equity for little to no money out of pocket. These are the same deals that are already out there at 75% of ARV minus repairs. If you refinance for 75% of ARV and the monthly payment is significantly less than expected rent, then you've got yourself a deal!

Shout Outs & Testimonials

I have decided to make this BRRR strategy for picking up rentals a major part of my business model and I am setting a goal to pick up 6 more rentals like this in 2018.

Before & After Photos