New investor looking for BRRRR
Hello everyone,
I am looking to get into real estate investing. I’ve been reading books, watching YouTube videos, reading articles, etc.
I have found a property local to where I live. The property is very dated, needs a bit of obvious work. I’m going to look today with my cousin, who is a contractor, to see the extent of the work. The man that owned it passed away and left it to his children who clearly have no interest.
It’s listed for 45k. It’s a 2 bed/1 bath house, 1389 sq ft. I believe I can offer much less in cash and possibly get it. I was thinking 30k. Maybe 20k rehab. Possibly increase the rehab cost with another bathroom. I’m thinking arv around 80k-ish and rent for 700-800. Insurance and taxes come out to about 650. If all my numbers are right, I’d be around 7% coc before the refi.
This will be my first property. I’m just nervous. I feel like it’s a good deal. But at the same time, if it was, wouldn’t it have been picked up already?