A sweetheart of a BRRRR deal

[Nick Mullen]

Here's my first BRRRR deal:

I'm buying a 2/1.5 bath townhouse for $370k (for sale by owner AND owner financing). I'll be gutting the place and turning it into a 3/2.5.  I'm in northern Virginia and can rent this place for +-$3000/month. 

370k with 10k down, 70k for the repairs. So I'm in for 80k cash---And 360k is financed on the place. Conservatively, the ARV is 460k. So if I pull 100k out and I have a sucessful BRRRR?

What am I missing? Thanks

[Ryan Murdock]

@Ian R. Always happy to help. Had a quick phone call with Nick. He's on the right track just needed help figuring out how it works. Even the simple stuff is can be difficult if you've never done it before. I think the light finally clicked on for him. All good.