My first brrrr worked great, but this second one has been a headache. Purchased the property for a little to much at 115k.
And the renovation went longer than expected and also over budget because we decided to finish about 1000 sq ft in the basement. Basically I will be around 150k in on a nice house in a B class neighborhood that should appraise around 190k. I could turn and rent the property for 1450/mo leaving probably close to 15k cash in if after refi+closing costs.
Should give me cash flow of about 200 a month after maint. and vacancy.
Should I keep it as a rental or sell it, pay the realtor his money and maybe walk away with 30k before taxes in profit? Doesn’t seem like a good enough quick gain to me considering the money invested and time (6 months). I’m thinking rent it and slowly get my money back. This would give me my 3rd rental.
Opinions on sell vs rent and also on how I did with the brrrr? Thanks.
If you really think you'll see $200/month, @Brett Loetz , it's a hold. That's a 16% CoC ROI on the $15k you'll have into it, which is pretty good.
@Jaysen Medhurst I think I will see at least 150-200. Either way it should be a decent return👍🏼