All Forum Posts by: Daisy Ferreiras

Hi all,

Wanted to share my first deal. I did the BRRR method

Purchase Price: $92,000

Rehab: $35,000

ARV/final appraisal: $175,000

Doing a cash out refinance and was able to get 75% of the ARV. Since I only needed the house to appraise for around $169,000, I was able to pull all of my cash out that I originally invested and pocket some extra $$. 

**Double bonus - the house is in an opportunity zone so we plan on keeping it for at least 10 years so we can get the tax benefits when we sale.

Hi all, 

I wanted to send an update to this thread since a few people were curious on how my BRRR turned out.

The house ended up appraising for $175,000. I had initially said it would appraised for $125,000 based on Zillow and other comparables at the time. 

I'm doing a cash out refinance and taking 75% of the ARV. Which gives me $131,250. I was able to pull all of my cash out that originally invested and pocket some extra $$

Here is the final breakdown:

Purchase Price: $92,000

Rehab: $35,000

ARV/final appraisal: $175,000

The house is also in an opportunity zone

Previous owners did a little DIY in the bathroom. It looks and feels like residue from the tile install. Anyone have experience with this and know how to remove it?

@Daniel Powell hey! He ran comps for me and I ended up using that on another report. I just used Zillow since that number would be worst possible situation for the ARV. Maybe I should have posted that one instead ha!

@Justin M. Thanks! I’ve looked at delayed financing too and definitely taking some of these tips from BP users above so I know what to look for when I’m doing the calculations for the next deal. I’m glad I did it. Obviously this is just a glimpse of a larger situation. It sucks I’ll have to keep money in the deal but I’ll take what I got from this deal and move on.

ARV is still tbd so I will likely repost when I get my final numbers!

Again, thanks everyone for looking at the calculations so I can see what to do next time around!

Thank you all for the feedback! This has all been very helpful. I will be sure to report back the end result  :-) 

@Jonathan White thanks Jonathan! I truly appreciate the kind words. I’m hopeful that my numbers will be better next time! I actually just got it rented yesterday - $1200 a month. We paid cash for the property so we’ll at least be getting a good return per month until we refi.

Thanks again for the encouraging words! It’s hard starting out so it’s easy to get discouraged.

@Russell Brazil thank you! You’ve been very helpful!

@Brian Van Pelt hi Brian, thank you! we didn’t know what bigger pockets was before we bought the house - we kind of fell into this investment by chance and worked with what we got! Looking at my second deal and learning how to use the calculator to better analyze the property. The only good thing about this property is that it’s an opportunity zone!

@Russell Brazil Hi Russell, that makes sense! Thank you for clarifying. So what your saying is if I increase the ARV, this would be a better deal? I'm almost positive the ARV is higher than what I entered (122,000 is what Zillow estimated the house is worth but based on what we upgrade it believe the ARV would be higher).

Like it said, this is the very first one. I'm wanting to avoid any miscalculations for the next property. Let me know if you have any other pointers. I'm being thrown off by the numbers because the ROI and monthly cashflow