BRRRR baby BRRRR!! Doubled my money in 4 months!!
20 Replies
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Jason Woodson Investor from Keene, New Hampshire
posted 5 months agoHey 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
Cameron Pendergraft Investor from Kansas City, Missouri
replied 5 months agoCongratulations!
Matt Lefebvre Real Estate Broker from Amherst, New Hampshire
replied 5 months agoAwesome job @Jason Woodson ! You're doing some great investing in the Monadnock region... keep it up!
Matt Bacenet Investor from Staten Island, New York
replied 5 months agoVery nice numbers! Congrats!
Tony SanFilippo Real Estate Investor from Littleton, Colorado
replied 5 months agoNow those are the numbers we should all require! too many investors settle for less.
Nice Job!
Chris Luksha from Jaffrey, New Hampshire
replied 5 months agoGreat job Jason. $70k in May. There were a couple back then in that range in Keene. Nice going.
Now you have a start on the rest of them. I am in jaffrey and would love to grab a coffee with you some time. It's hard to find people in our area sometimes. Even the local reia is over an hour away.
Great job!
Chris
Darrel Joseph Real Estate Investor from Brooklyn, New York
replied 5 months agocongrats, this is an awesome testimony! Your motivation is motivating me! this is amazing!
Joseph P McGranaghan from Nashua, New Hampshire
replied 5 months agoThanks for the New Hampshire motivation! Awesome
Brian Garrett Real Estate Investor from West Palm Beach, Florida
replied 5 months agoCongrats man that's a grand slam deal.
I wish I could find properties with $170K ARV for $62K in my market.
Especially ones that only need $23k rehab and have that type of cash flow!
You mentioned "listed price" so was this deal right off the MLS?
Stefanie Willie-Bonglo Investor from Atkinson, New Hampshire
replied 5 months ago@Jason Woodson AMAZING job, this is what BP is all about!
Jason Woodson Investor from Keene, New Hampshire
replied 5 months ago@Brian Garrett yes this was right off the MLS, had been sitting for a year or so if I remember correctly.
@Chris Luksha I'd love to grab a coffee and chat :)
Ann Bellamy Hard money lender from Tyngsboro, Massachusetts
replied 5 months agoGood job, congratulations!
Youdo Thirakul from Anchorage, Alaska
replied 5 months agoGreat Job! Keep it up! Can't wait to see the next property
James Canoy from Kingston , Ny
replied 5 months agoGreat job. What rehabs did the place require for that amount. I still can’t tell deal from no deal due to my being unable to estimate rehab costs.
Jason Woodson Investor from Keene, New Hampshire
replied 5 months agoThanks everyone!! @James Canoy besides the stuff mentioned, we did about 40% of the floors, tons and tons of paint, some trim work, gutted and redid one bathroom and kitchen, replaced all the appliances, two water heaters, built a small shed for an oil tank, some capping on the roof, just a few spots for wall repairs, poured a walkway, and redid a lot of the plumbing lines (lots of leaks).
James Canoy from Kingston , Ny
replied 5 months agoOriginally posted by @Jason Woodson :Thanks everyone!! @James Canoy besides the stuff mentioned, we did about 40% of the floors, tons and tons of paint, some trim work, gutted and redid one bathroom and kitchen, replaced all the appliances, two water heaters, built a small shed for an oil tank, some capping on the roof, just a few spots for wall repairs, poured a walkway, and redid a lot of the plumbing lines (lots of leaks).
Wow. That’s a lot accomplished. I’m in upstate New York which I assume will have similar rehab costs. It makes me think that I’ve been over estimating these costs and missing out on deals.
I found a 1700 sqft 3 and 2 foreclosure for 45 when I first started which was gutted to the studs. Pessimistic ARV was 170. Foundation, frame, exterior walls, and roof were good. Needed everything else. But I was quoted 55 just labor costs by a contractor and I (lacking experience) estimated that it would cost 50 in materials. That turned it into a bad deal to me.
Maybe I should’ve jumped on it.
Wes Woodhouse from BOISE, ID
replied 5 months agoKiller deal! Congrats @Jason Woodson !
Alex Shaughnessy Real Estate Investor from Spring Valley, California
replied 5 months agonumbers look amazing. keep going.
Garrett Hogan Developer from Boston, Massachusetts
replied 5 months agoWow those are impressive numbers, well done!
Ndy Onyido from Toronto, Ontario
replied 5 months agoEmmett Harris from Manchester, New Hampshire
replied 5 months agoWell done!
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