My first BRRRR!
All private money from 1 investor.
I get 10% equity plus 5% of monthly rents as manager.
Bought it bank owned for 79k. It is a 2 bd 1.5 bath in the fishtown neighborhood of philadelphia.
Rehab budget was 16k. Spend that fixing plumbing, electrical, roof, hvac, ceiling issues and appliances.
Had a lot of interest with it listed at 1225/month.
Then some of the new appliances got delivered and mold was discovered in the kitchen floor.
Now it's back off the market until that gets fixed. Going back to the boss man tomorrow for another 3k.
I'll keep you posted!