Updated almost 3 years ago on . Most recent reply
Trying this whole BRRRR thing
Investment Info:
Small multi-family (2-4 units) buy & hold investment.
Purchase price: $170,000
Cash invested: $40,000
First attempt at a BRRRR. Found two side by side single family homes that had a funky deed/title issue. The realtor thought it precluded them from being lendable, but it was actually not an issue. Ended up buying them in cash with a private loan from family. Am doing light rehab and replacing both roofs and will refinance (delayed financing as it allows me to get around the new 12 month seasoning requirements for cash outs). Not sure what they are going to appraise for, but I am prepared to leave at least 30k in deal but I think it will be closer to 15k left in the deal which would be a great purchase considering they were purchased for 170k (combined) and already kick off $2,150/month in gross rents. Stay tuned!