Closing in on the Refinance - BRRRR
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: