Successful first time BRRRR!
Hi BP,
So I'm really excited to say that I (with the help of my team) have completed my first real BRRRR. Here's the brass tacks on the deal.
- Buy an REO two family on 7/11/2017 for $60,000
- Rehab from July - October and Holding Costs $65,000
- Rent Both units $2300.00 combined.
- ReFi (house appraised at $219k) at 80% LTV we got $175,200. Closed on 7/20/2018
- Repeat On our way to buying an undervalued 7 unit (waiting for amended contracted to be signed by seller as of Friday)
All of this was funded by a HELOC on my primary residence. Almost no money was out of pocket. The ReFi paid the HELOC back, and there was enough money left over for the down payment on the 7 unit.
This would not have been possible without the BiggerPockets Website, Podcast, the books I have read and a lot of persistence, patience, and planning.
Thank You ,
