First time condo brrrr or keep to flip?! (suggestions welcome)
Hey there fellow investors. I've been buying and flipping houses and condos the past 5 years and thinking about finally keeping a property long term to brrrr. If I could get any advise with this possible brrrr I'd really appreciate it.
This was a foreclosure condo purchased with cash for $142k. Put $15k in improvements and believe the new appraised value will be around $200-210k. Seemed likes a great brrrr initially but with the $245 monthly HOA fee, insurance, taxes, P&I taken away from the estimated rental monthly amount of $1,700 it will only cashflow for around $380.00
Possibly found a local banker that's willing to do a 75% cash out refi based upon the new appraised value with a 5.25% interest rate. Does that seem decent? Also, most lenders around me have been telling me you must wait at least 4-6 months before doing the cash out refi. I have only owned this condo for 1 month so it's been very difficult calling every lender around to see if they have a product without that restriction.
I'm all in for $157,000 so getting my entire capital back out would be great with based upon $210k minus loan and closing costs.
What's your thoughts on this deal for a brrrr or just flipping and finding another multi unit in the future that has more potential to cash flow over a condo?
Thanks!
-David
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