First Successful BRRRR
After I spent all my money I had saved to invest in a "turnkey" duplex as by first deal, I was left broke once again with no money for my next deal. Obviously I was not as educated as I thought I was. I began to read and research more and found bigger pockets. The second or third webinar I watched was about the BRRRR. Right away I knew this would be the method I would use to quickly acquire cash flowing, equity rich properties.
After a couple months on research and networking, I found a HML and a deal, I was off to the races. I did most the work on my own, minus all plumbing and HVAC work. I painted entire house, new carpet on main floor, original hardwoods upstairs, renovated bathroom, new counter in kitchen, new water heater, AC unit and Gas heat.
Purchase - $37,000
Closing - $5,000
Rehab - $8,000
Total Cost - $50,000
ARV - $75,000
Refi - $56,000 (Pulling out cash to build capital)
Rent - $900
Expenses and debt payoff - $565
Vacancy and Cap Ex - $180
Cash flow - $155
Thanks for looking guys! Already purchased my next BRRRR project!