Flipper · Elmhurst, IL · Member since 2011 · 96 posts · 23 votes
I just closed my 1st BRRR deal two weeks ago and started planning for rehab work. It's 3br/1.5ba SFR in the south side of Chicago.
Bought the property from a wholesaler and I should have at least $20k of equity after rehab and refinance. I used a private loan from my entity (LLC) for the initial purchase and rehab. This loan will be paid off at refinance and I will have no money left in this deal.
Property is solid C area and can rented for about $1200/month, project cash flow after refi is about $200.
Flipper · Elmhurst, IL · Member since 2011 · 96 posts · 23 votes
9y
Dominique Poindexter My LLC loan the initial purchase and rehab money to me, which is recorded as a mortgage note. After rehab, I will refinance with a mortgage broker at after repair value. PM me if you need details, I can point you to the mortgage broker.
Thanks
Brooklyn, NY · Member since 2016 · 39 posts · 19 votes
9y
@KC Zhang Were you able to find any banks to refinance with? I'm searching for banks in Chicago who will work with me without a seasoning period. Any recommendations would be greatly appreciated. Thanks!
Los Angeles, CA · Member since 2017 · 21 posts · 2 votes
9y
Great job @KC Zhang!
Really excited about your first brrrr deal! I am going to be in Chicago upcoming weekend, would you be interesting in meeting up for a coffee?
Best,
Sergii K
Flipper · Elmhurst, IL · Member since 2011 · 96 posts · 23 votes
9y
@Keisha F.
I'm working with a mortgage broker on the refinance. The house is still under rehab and we will do appraisal after that. I'll keep you posted on the refinance. Let me know if you need the mortgage broker info.
I just closed my 1st BRRR deal two weeks ago and started planning for rehab work. It's 3br/1.5ba SFR in the south side of Chicago.
Bought the property from a wholesaler and I should have at least $20k of equity after rehab and refinance. I used a private loan from my entity (LLC) for the initial purchase and rehab. This loan will be paid off at refinance and I will have no money left in this deal.
Property is solid C area and can rented for about $1200/month, project cash flow after refi is about $200.