My First Brrrr - Foreclosure
Hello everyone!
I believe that I found a sfh that would be a good first investment property for me but I would like someone else to look over my numbers.
It is a 3 bed 2 bath house with an attached garage. 1600 sq ft TLA.
I put in an offer on the house for $67,500 and they accepted. I will be getting a loan through my local bank and put the required 20% down and have a 30yr loan @ 3.5%
My bank does not require a seasoning period before a cash out refi and will let me take out a 80% LTV.
My expenses are:
Rehab - $20,000 (New roof, flooring, paint, countertops, etc).
Closing and holding costs ~$5000
CapEx - 5%?
My day job is a rental property manager/maintenance supervisor so for now I won't have any fees for that.
The comps in the neighborhood that sold within the last 12 months are around 120k and are renting for around $900-1000/mo. Tenants pay all utilities.
Hopefully I covered everything. Please let me know :)
Thanks.