All Forum Posts by: Ethan West
Ethan West has started 6 posts and replied 14 times.
Post: I feel dumb. Please help me out lol
- Bend, OR
- Posts 16
- Votes 2
Originally posted by @Brian G.:
@Sterling West don't feel dumb, you are just realizing how hard it is to BRRRR! Your all in cost has to be 70-80% of the ARV (depending on property type and your lender) so you have to find a screaming deal or a value add deal to make it work (ie turning a large 2 bed into a 3 bedroom with the existing square footage). I've never done a BRRRR but finding a great deal is critical. It's like flipping a property with great margins that you keep for yourself instead of selling.
Ahhh! That makes a ton of sense! Are you involved in any BP meetups here? I actually live in West Hollywood 2 weeks out of the month now.
Post: I feel dumb. Please help me out lol
- Bend, OR
- Posts 16
- Votes 2
Originally posted by @Brian G.:
@Sterling West don't feel dumb, you are just realizing how hard it is to BRRRR! Your all in cost has to be 70-80% of the ARV (depending on property type and your lender) so you have to find a screaming deal or a value add deal to make it work (ie turning a large 2 bed into a 3 bedroom with the existing square footage). I've never done a BRRRR but finding a great deal is critical. It's like flipping a property with great margins that you keep for yourself instead of selling.
Post: I feel dumb. Please help me out lol
- Bend, OR
- Posts 16
- Votes 2
I don't understand the numbers here. Looking at a $180k property in desirable area of Texas.
Purchase Price: $180,000
Down (20%) $36,000
Closing costs $8,000
Rehab costs: $15K
Comps/ARV: $220,000
Refi Loan (80%): $176,000
So I am into this thing for approx. $59K (not including holding costs, etc...I have listened to a ton of podcasts and do not understand how to get 100% of your initial investment back in your pocket on any deal I run through the BRRR Calc. Am I missing something here...?
Post: Oklahoma City
- Bend, OR
- Posts 16
- Votes 2
I’m also looking for sfh Or multi in OKC. Under $275k each that cash flow.