Hello all, I just wanted to share that I just refinanced my first house I bought back in June and I was able to pull out 22k of equity. I took a long time on the rehab because I wanted to do majority of the work myself, so I could learn a lot of it for future deals and what to look for. Anyhow, I used a private investor to buy the home and rehab (using the brrrr) strategy. I bought the home for 32k and ultimately had 50k in it with my investor and ran into a couple learning experiences and used 5k of my own money from my Roth account, but when I finished the house appraised at 90k. I have my renter moving in this week and I’ll be getting a 1.24% return. I have used the money to purchase a 3 year old trailer and an acre lot in a B class area where I plan on building a duplex and actually will be cash out refinancing it to hopefully build 2 additional duplexes on the lot. Also, while I was working my first deal out I found an awesome lender who gave me a construction loan interest only for 6 months of 80k. I found a house where the listing price was 65k. I was able to buy the home for 50k. I have already received the appraised valued for it at 110k. I plan on flipping this home for the down payment of the duplex and try and get 7 incomes on 1 acre of land. :)

My private investor was happy with the return that he received from the first house and is willing to do it again, so needless to say- I'm looking forward to the future of growing and learning. Big thanks to the BP's team, the BRRRR Book by David Greene and the podcast! They've all been a really big help!!

Chase

2 Votes

9 Replies

Jump to Last Reply

I just refinanced my first house and got 22k in equity

Most Popular Reply