My first BRRRR
I close on Monday for my second BRRRR property. My fist was a 3 unit building, so a bit different, this one should be easy. I am a buy and hold investor, so lots of people ask why I don't flip it. I am investing for the long term and enjoy being a landlord who provides nice properties at a fair price. Every time I look at my Mint account I am amazed at what real estate has done for me! This property was a Fannie Mae foreclosure in a "C" neighborhood in Louisville Kentucky. My goal is to refinance, get all of my initial investment back and cash flow $300+/month. The purchase price is $25K and I expect to put $14K into it. Comps in the neighborhood are around $60K.
Fist thing I'll be doing is treating for termites with Termidor SC while the electric gets reconnected. Then, HVAC, Paint, floors and fixtures. I hope to have it rented in under 3 months. My issue is going to be in not over improving it (I probably did that with the last one).