Full circle deal just completed.

[Mel Hayes]

Hello Memphis BP, I just wanted to share that I finally completed my first BRRR deal sorta.

Purchase Price: 76k (I bought this property from a rehabber in 2019)

Purchase Method: Cash

Monthly Rent: $1,150

Appraisal: 190k

Cash out Refi 120k (minus 7k for closing cost plus points) cash in hand was roughly 113

What I learned during the process: Important to show income on your taxes I have a W2 so not having my properties on my personal w2 did not kill me but if you're a full time investor trying to not pay taxes or showing properties as a lost may hurt you when trying to refi.  Lots of banks right now are staying away from refi'ing investment properties and also 2nd homes.  If they are doing it the rates are a tad bit higher than they normally would be.  I decided to pay points to get a lower rate. Asking agents for referrals is a great way to get good lenders.  My agent gave me my lender and although I shopped around and spoke with other lenders, the local bank had the appraisers and the connections to get everything done and keep cost down.

If you have any questions are comments please let me know.  Time to find the next one. 

[Jason Rhodewalt]

Awesome - thanks for sharing. I'd be curious to know how much rehab you had to put in? Also what part of Memphis?