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Updated about 8 years ago on . Most recent reply

User Stats

47
Posts
20
Votes
Mike Ventura
  • Columbia, NJ
20
Votes |
47
Posts

Closing in on the Refinance - BRRRR

Mike Ventura
  • Columbia, NJ
Posted

Hello BP!

Excited to share that I am closing in on the "Refinance" portion of my first BRRRR. I wanted to share everything noteworthy up until this point. Including some before and after pictures. Hope you enjoy. PLEASE share some feedback!

The Property:

  • A little over 1.25 acre
  • 1056 SqFt
  • 3 Bed | 1 Bath Ranch
  • Full Basement (unfinished, may do this at a later date and refinance a second time.

Financing:

  • Purchased with my own money. My goal was to rehab and live in the property until I could refinance – hopefully 6 months. Target month was October, on track! Just need to do some exterior yard work!

Numbers:

  • Purchase Price: $100,000
  • Down Payment: $5,000
  • Pre Closing Costs (septic test, well test, etc): $1,937.38
  • Closing Costs (not including down payment): $5,706.86
  • Rehab Costs: $14,983.18
    • Includes first time purchase of tools needed, shop vac, miscellaneous supplies that will be used for future BRRRRs. I didn’t back these expenses out because they were crucial to me completing the work.

Refinance:

  • Zestimate from Zillow is coming in at $200,000. Hopefully this is somewhat right!
  • Target Refinance Property Value: $180,000
    • 75% LTV : $135,000
    • Anticipated all in costs + Loan Balance of $95k: $122,607.42
    • “SHOULD” get all of my money back ($27,607.42) in addition to some profit depending on the closing of the refinance.

Kitchen:

Living Room:

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