All Forum Posts by: Brandon Spurlock

Thanks! Well, it's not much of a guess, since I shared all those numbers above. ;)

But yes, those are spot on, except that I'm self-managing for now, so that's another $100 in my pocket. $335/mo cash flow, $4020 annual on $4 investment: 100% ROI.

I met my wholesaler through a mutual friend. Didn't think a TON about it at the time, but he called me on this property, remembering the amount of my HELOC and wanting to tee me up for a good project. I owe most of this to him, as he allowed me to make money at the time of purchase.

For now, I'm self-managing and using Cozy. It made the application process easy to screen, and I had to pass on about 5 applicants before landing with my current tenant. I found a well-liked manager in the area, and will probably turn the property over to them once I add a 2nd property.

This was in Hopewell, VA - 23860.

Hey Chris, my closing was about $4500 for the refi.

No LLC yet

Thanks for the kinds words! Yes, the HELOC cost us $0 to open, so there was no reason to not get it opened and have it on standby. 

Rehab took about 2 months from purchase until the tenant could move in. Again, we could have finished in one month, but the original contractor was slow, and then we had to go back over his work with the new contractor. Had I hired better up front, I could have saved a month of holding costs. All in all, not much harm done.

I did not...and I should have. That was one big question mark, and I proceeded in the rehab before asking more questions. Probably a mistake on my part, but it did not effect the appraisal, which was my main concern.

Refi was 75% LTV.

Finding a good contractor proved to be the hardest part. I found the first guy on NextDoor, he was super friendly, we connected well, he was flexible, and accommodating. The problem was, he was slow and had poor quality of work. I learned from that lesson to get verification of prior work and referrals.

Next guy was a referral from my wholesaler, a contractor he had used on many occasions. All others were referrals from within the trade.

All in all I met and interacted with 3 general contractors, 2 plumbers, 2 electricians, and 1 floor guy. I’m still not set on who “my guy” will be for the next deal, but I have some options and I know who guy will not be.

That's exactly it! I got all my HELOC money back and paying that down to a $0 balance, and almost all my rehab money (except for the $4k that I had to leave in the deal).

Now my HELOC and savings are reloaded and ready to make the next opportunity.