All Forum Posts by: Adam R Gebner

 @Michelle Kotler they looked at all my income that had at least a 2 year track record, to include rental income. 

@Latoya Tomlinson we actually used a community bank out in Washington State. We moved out here last year and it was our best refi option. I actually haven't had much luck with anything in Fayetteville for the refi portion. 

@Shawn Burns we found it after searching for about three months last year, and many offers. 

Here is our biggest take away: you need a quality contractor! You will get what you pay for. 

This is not necessarily the most important part of the whole process, but it was a large part in the difference between how our two rehabs went. 

My wife and I just completed our second BRRRR on our fourth rental property: a SFH in Fayetteville, NC.

Here are the details:

Purchase Price: ~$55,000

Rehab: ~$10,000

Rent: $925

Appraised ARV: $125,000 

Cash Out Refi: ~$90,000

We are very pleased with our improved performance from the 1st to the 2nd BRRRR...excited to redeploy these dollars on another SFH BRRRR!

Can't really figure out the best way to add all the photos, so here is the link to the photographers website: 

https://rebeccafowler.smugmug.com/3718-Berger-Dr/n-Wfz7th/

Still needs one last cleaning before a tenant moves in. :) 

All the work done (minus the HVAC install) was completed by Quality Home Repairs, LLC. A pleasure to work with, Dave and his team made the rehab step simple for me. We did bust our original time estimate by a little over a week but that was mainly due to unforeseen circumstances and learning that ALL the plumbing under the house needed to be replaced. Here is his info for any Fayetteville, NC investors out there looking for some rehab work:

QUALITY HOME REPAIRS, LLC
David A. Gladd, Jr
www.QualityHomeRepairs.net

This is my third property in Fayetteville, NC but my first BRRRR. Pictures were taken two days ago and I will post them as soon as I have them.

Rehab included:

Electrical upgrade and HVAC installation: $8300

Hooking up to city sewer: $500 (split with agent because they made a mistake during DD)

Paint and general rehab(floor, plumbing, electric, fans, etc.): ~$12000

Will be renting out for $800 to $850, and after refi. will be cashflowing between $190-$245 pending appraisal, LTV%, interest rate, and rent amount.

Goal: Complete one more BRRRR before moving across the country in May 2020, second test of RE investing system.