Investor · Stillwater, MN · Member since 2015 · 106 posts · 44 votes
Thanks to @Dennis Zwirchitz for bringing this deal to me. Great to help out a charming couple that was overwhelmed with their sister's property after she passed away. And great to meet such a great guy like Dennis! My main contractor flaked out soon after I purchased this property and it took a while to qualify a new one. However, the results are terrific (and I found a much better GC!). Purchased for $79k; repairs approx $13k; monthly rent $1240. I'll refi next month and should be able to pull my equity out.
Rental Property Investor · Los Angeles, CA · Member since 2016 · 141 posts · 123 votes
8y
Awesome Pic! Curious on what steps you took to do your due diligence/analyze the property? BRRR sounds awesome but scary as well. Will you be able to pull out the downpayment + rehab amount?
Minneapolis, MN · Member since 2014 · 14 posts · 5 votes
8y
@Joe Schaak Congratulations! Is there an HOA fee as well? This is one thing I've found that can really cut into your bottom line but your numbers look great regardless.
And just finding a better GC makes the whole deal worth it!
Investor · Stillwater, MN · Member since 2015 · 106 posts · 44 votes
8y
@Andy Saquing Yes, there are HOA fees but I've figured those in to my numbers already. And - YES! - finding a GC that "gets it" makes everything worth while.
@Bo Kim I had the fortune of already owning a very similar unit in this complex so it made this purchase a no brainer. For the prior property, I estimated the repairs and did a thorough study of the sales in the previous 6-months as well as what the rental market within the area was dictating for a 2-bedroom place. Then, truthfully, I used the BRRR calculator here and moved forward. And - yes - it looks like I'll be able to pull all my equity out of the property on refinance.
Wholesaler · Brooklyn Park, MN · Member since 2016 · 11 posts · 5 votes
8y
@Joe Schaak, Congrats on another successful BRRRR! It was a pleasure working with you! Thank you for being so gracious to allow the sellers to come back to see the final product and have some closure. I know they really appreciated it. The place looks terrific!