My First BRRRR Offer
Team, I am mighty excited. I sent my very first offer today. A 3/2, 1,075 sqft SFR in a very desirable location. Asking price $127K. I offered $90K. Kitchen and bathrooms need serious updating. I figure no more than 20K will get the property in top shape (I'm a contractor, so I will be doing the work myself). ARV: low end 160K, high end $175K. Rent: low end $1,200, high end $1,450. Looking for a DSCR loan.
That sounds pretty good. Your conservative numbers would still let you pull all your cash out on the refinance if you get your asking price.
Is the property one of those brick 3/2 buildings from the 70’s? Those are mainly what I’m seeing in that price range, bed/bath configuration, and square footage in the Fayetteville area. If it is, then your 90k sounds reasonable for one that requires up to 20k of repairs.
And no, I didn’t start stalking the area just because of your post, in case you wondered. Hah. I am waiting on orders to move down to Fort Bragg around July (I guess it will be Fort Liberty by then), so I’ve been spending a lot of time scrolling through listings of houses in and around Fayetteville to get an idea of what that market is like for investment properties.
The property was built in 93, vinyl siding. I don't think the repairs, which are more remodel, will take 20K. The property is in pretty good shape but the bathrooms and kitchen are outdated.
The Fort Liberty issue is a subject that boils not only my blood but other vets alike in the region. Its amazing how DoD capitulated to the woke culture.
Anyway, feel free to reach out if you are down this way.
Take care, Ray
