Updated almost 6 years ago on . Most recent reply
Experience BRRRR Condos? New Investor
Hello, All! Does anyone have experience BRRRing a condo? This is my situation below....
Condo:
Purchase Price: $40,000 (cash)
Rehab: $12,000 (cash)
All in: $52,00
ARV: $65,00 (assuming appraised value based off comps).
Cashout Refinance: $65,00x .75= $48,750.
30 year loan @ 4.1%= $301 (includes taxes/insurance)
HOA: $350
Total mortgage with HOA $651
Rent $900
Cashflow: $249
I'm ok leaving some money in the deal as long as I get most of my money out.
Am I missing something here? Would there be any issues refinancing with the bank because it's a condo?