BRRRR baby BRRRR!! Doubled my money in 4 months!!
Hey all,
I purchased my second duplex in Keene New Hampshire and just wanted to share the final numbers. BP has such a great motivator and source of information, I can't even begin to explain how much it's meant to me. I found this deal in late May and finally was able to close in August after a number of issues with the title. I'm very lucky that I was able to do almost all the work with my parents minus some electrical, tree removal, and putting in a driveway. I was also fortunate to find some amazing tenants and had leases signed 6-8 weeks before we finished the work on their respective units. The work took about four months, $52k of the money was my own and the balance was funded by a family loan.
Listed Price $70,000
Purchase Price $62,000
Rehab costs $23,000
All in costs $85,000
Appraised ARV $168,000
Cash out refi $90,000
Open Equity Line $44,000
Capital position Gain $49,000
Current Equity $34,000
Net Gain $83,000
Unit 1 Rent $1250/month
Unit 2 Rent $750/month
Rent totals $2000/month
Debt payments $870/month
Additional costs: $340/month (vacancy, capex, opex)
Final Cashflow $890/month