Deal Deep Dive: SCOTTSDALE, AZ
Hi!
I am a new investor looking to secure my first BRRRR.
I am under contract with a property in Scottsdale, AZ and I’m looking for feedback about my deal from seasoned investors, lenders/loan officers, & agents who are familiar with my market.
The deal is as follows:
4BD / 2BA
Purchase Price: $333,000
Rehab: $45,000
ARV: $500,000
OPM: $299,700
Potential Rent: $3,300
I've used every BRRRR calculator out there so I'm really just looking for experienced thoughts.
One of my doubts is this: A loan officer I spoke with told me that, should I get a cash out refi at 80% LTV, I'm going to be left with less than $10k cash after paying off OPM & Rehab financing. However, that's not what my numbers tell me. Am I doing something wrong? Also, would 80% LTV even be likely?
I appreciate any and all feedback regarding this deal!