Updated over 6 years ago on . Most recent reply
Questions on first BRRRR
Hi everyone, I am new to real estate investing and stumbled across BP and I'm looking to make my first BRRRR deal. I have a few options for private lenders to fund the initial purchase and rehab, but I want to be able to present them with a solid investment plan, time line of the rehab and their return, etc.
Does anyone have any advice on how I can estimate what the appraisal of the property will be after the rehab? I don’t want to go in making promises and get everyone complete and the deal not appraise for what it needs to be in order to cash out the initial investment to pay my lenders back.
This particular deal is a foreclosed 4br 3ba house that is 1750. It is listed for $75,000 and I think I can get it looking nice and up to date for around $30,000-$40,000. After the rehab I anticipate the appraised value should be at least $160,000 but I don’t want to do the deal and the house not appraise. How can I get a pretty accurate post rehab appraisal?
Thanks in advance!