My first investment property!

[Kenny Dahill]

It's taken almost a year but this Friday I finally close on my first investment property in Tempe, AZ! I'll be using the BRRRR method as I look to take 6-8 weeks to rehab the entire home on my own. I've been gearing up to hit the ground running and simply can't wait! Obviously I have a budget but working in commercial construction and utilizing craigslist I'm hoping to come significantly under budget with hook ups from subcontractors or good deals so I can apply funds to additional scope. Once rehab is complete I'll get out of my current loan and refi the total asset (initial purchase plus all capital invested). I'll have instant equity and will begin my search for a new distressed primary property. Wish me luck and I'll keep you posted on progress.

[Kenny Dahill]

Hey guys, for those of you who are still following my updates just wanted to provided a short one. 

I finished!  Property turned out beautiful.  I also came under budget by about $1K but went over schedule by a month.  My actual construction days were pretty accurate but I didn't include any personal days.  It took me 95 days and I missed 30-35...yikes.

I already got a lease signed, did an open house immediately and had a couple of applications.  They move in 12/5!

Now I'm having to work through my refi.  This is turning into a mess because I was informed since I've owned the property for less than a year I can only refi the initial loan amount, and not based on the appraisal.  Due to this I'm unable to pull out as much cash as I initially had hoped, but the silver lining is it lowers my mortgage! 

Rent is $1,400 and mortgage (taxes/ins. inc.) is approx. $975.