Skip to content
Real Estate Deal Analysis & Advice

User Stats

316
Posts
153
Votes
Isiah Ferguson
  • Investor
  • Charlotte, NC
153
Votes |
316
Posts

Am I looking at this the correct way ?

Isiah Ferguson
  • Investor
  • Charlotte, NC
Posted Mar 29 2017, 09:09

I puchased this property. The reason I paid cash is because I couldn't find a bank to loan my anything with 20% down, so i took this route. My goal is to expand my portfolio and create passive income.

Turnkey duplex property - 900sq 2bd/1bth for each side

Listed price - $109,000

Purchased price - $95,000 CASH BUY

Minor rehabs - $4,500

All in CASH BUY - $99,500

Appraised - $117,000 before minor rehab

Rented - $1,200 total $600 for each side

So now I have this property & here are the numbers. Of course it's not the best deal and everything is a learning curve. I'm at the point now where I just been collecting rent for the last couple months and CASH flow is great which is my ultimate goal. After learning about the BRRRR strategy and about leveraging your cash, I think the BRRRR is the niche I want to use to expand. I'll refi to get my CASH back, buy another property cash and fix it up a little, and do anthoer refi and pull the cash out the 2nd property. So on and so fourth. As long is the numbers with the property is value higher enough or above to get my initial CASH back each time and a cash flow minimum of $200.

Am I missing something ? Is this correct?

Loading replies...