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Updated about 3 years ago,

User Stats

9
Posts
3
Votes
Dave Chimobi
3
Votes |
9
Posts

Is this Potential BRRRR a good deal?

Dave Chimobi
Posted

Hi Everyone about to start my investing journey and here's where I stand:

Bought a single family home for 189000 in 2016. (179500 @ 3.75%) - Worst house in a great Raleigh neighborhood. 

Currently appraised at 325 to 335k due to latest comps this year. 39k in Rehab for two new bathrooms/Deck/Floors/Paint/New Water Heater/Open Concept wall removal etc

Looking to rent out for 1550/month. (~1101 mortgage/124 property management/191 taxes/2mil insurance coverage). This leaves me cash-flowing around 100 a month before refinancing.

I'm looking to pull out most of my money when I Refinance so my questions are:

1. Is this a good deal?

2. Should I refi for 30 or 20 years?

P/S - The home has a full unfinished walkout basement I plan on turning into a one bedroom apartment in the future for extra income. I just got done with the bathroom rehab so about to start the process for getting tenants in. 

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