All Forum Posts by: Brian Feeny

Interested in Greenville and Spartanburg.  [email protected]

We are currently getting cabinets and granite countertops from C and A for second time on last 2 flips and have been very happy with them. 

I began investing a year ago and BRRRR'd two single family homes and have a duplex currently under contract. On this deal my plan is to get a conventional loan and use my HELOC for a downpayment since BRRRR will not work here. I am on the fence whether to proceed because it appears there will be little equity' Here are a few details:

• Duplex - side by side - both units 2 bedrooms, 2 full baths, 1000 sqft each.  Very little work needed - $1500 or so.
• Rent - $1000 per side
• Purchase price - $170,000
• ARV - $175,000 - $180,000

After all expenses are paid (mortgage, taxes, insurance, Heloc interest, repairs), I am estimating about $500 in cashflow total per month.  My thought is hold onto it for several years, collect the $6000 yearly and then  refinance assuming it appreciates like I hope, sell, or just continue renting as-is.  

Any thoughts on using this highly leveraged approach?