First House Hack BRRRR Deal
Hey BP!
I'm at the end of my first BRRRR and am very excited to share my details. A little bit of background it's a property with two separate houses on it one of which is a tiny little 600 square foot house and the main house is about 1,600 square feet. They are separately metered which was very important to me. I spent about 4 months rehabing it mostly because I did almost all the work myself. The numbers work out to the following:
Purchase price: $140,000
Rehab: $20,000
Appraised Value: $210,000
Rental: $950 per month for a 1 bed 1 bath!
I was able to cover pretty much all of my private money loans and ended up with about $1,200 in the deal. My mortgage is about 1,110 so tenants cover almost all of it and it was a great first property to get my feet wet. The only problem.... now i want another one ASAP!