Updated almost 6 years ago on . Most recent reply
Is this how you brrrr?
I found a house that's worth 150k to 175k. The owner is willing to sell it for 122k. It needs about 5k in work. The market rent on it is about $1050. so at 127k, my mortgage would something like $911. That's barely cashflow positive. If I put a downpayment of say 30k on a mortgage, then it cash flows better. But then I'd have to leave 30k as equity in the deal and I can't use that on the next project. Isn't the point of brrrr to recoup the money you spend fixing it? or is this just a bad deal?