My First BRRRR Deal!!!
I just finished my 1st BRRRR deal! None of this would have been possible without Bigger Pockets!
Breakdown of the numbers:
- Purchase Price: 3 bed/1 bath/850 square feet.Listed at $75,900, negotiated down to $50,250
- Rehab: $31,433 (leveling sub floor, vinyl floors, drywall, doors, cabinets, bathroom, re-glazed tub, new toilet, new glass block windows, paint, removed a door in the master bedroom and closed off with drywall)
- All-in: $81,683
- Expected ARV:$95,000-100,000
Planning on refinancing after 6 months of seasoning at 75% LTV. Will only have $5k-$10k left in the property when it's financed.
Today is my 1st showing to get it rented and I have 8-10 people showing up.
Rental #’s:
- $1,350 for rent
- $318/month cash flow (factoring in 8% for PM, even though I am managing it)
- 51.35% Cash on Cash return (based on $95,000 appraisal)
- 191.64% Annualized Total Return
I have been investing in Real Estate for just under 2 years, and the moral of the story is ANYONE can do this! It just takes a willingness to learn (Bigger Pockets) & then take action! Already looking forward to my next one! Please let me know if you have any questions as I would love to help others who might be trying to break into buy & hold investing or their first BRRRR!
