My first rental purchase with BRRRR report
Hey everyone,
Just refinanced my first BRRRR and ready to re use the $ for another property. Wanted to share my stats as I went Pro this week and building my calculator reports. Let me know what you think!
Purchase Price: $52,000.00 Cash Purchase Closing Costs: $250.00 Estimated Repairs: $1,000.00 Total Project Cost: $53,250.00
Appraisal/After Repair Value: $75,000.00 Total Cash Needed At Purchase: $53,250.00
Refinance:
Loan Amount: $55,500.00 Loan Fees: $2,500.00 Amortized Over: 15 years Loan Interest Rate: 3.25%
Monthly P&I: $389.98
Total Cash Invested: $0.00
Income
Rent $820.00
Other $0.00
Total $820.00
Pre-Refinance Expenses Repairs $82.00 (10%) CapEx $82.00 (10%) Insurance $50.00 (6%) Property Taxes $150.00 (18%) Total $364.00 (44%)
Post-Refinance Expenses Repairs $82.00 (10%) CapEx $82.00 (10%) Insurance $50.00 (6%)Property Taxes $150.00 (18%) Total $753.98 (92%
P&I $389.98 (48%)
Gives me this infinite return which I find fascinating. Not to mention I just refinanced more than the purch price at 75% cash out refi. This stuff works!! I will say the only reason I felt so comfortable at the refi part, even in these times, is my renter. They have been there almost 2 years and I just may talk them into a 2 year lease next. The renter is the real asset. @JoeAsamoah