First House Hack BRRRR Deal

[Robert Bodmer]

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!

[Robert Bodmer]

@Peter Fenning Thank you!. 

@Keving Zolea I plan to get about 1300 or so for the house I am in right now so It should cash flow very well!