BRRRR Success Story!
Back in early June my company RAD Properties closed on an off market duplex located in North Milwaukee. We purchased it for $60,000 ( I raised 60K @ 5% for 6 months), I stuck $15,000 out of pocket for rehab which included a complete remodel of the interior, new roof, gutters, & soffits along with other misc repairs. Rehab took less than 1 month. I rented out both units for $850 a side and plan on refinancing this property in 6 months with a projected ARV of $130,000. If everything goes as planned with our ARV, at closing I'll receive around $91,000, pay off my investor $61,500, pocket around 25K, have 30% equity in this property and cashflow around 1K each month moving forward. This will be my 69th unit under ownership which that number is tempting to stay at ;) but I already have a SFH under contract to repeat this process!