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Updated about 1 year ago,
How much is good asking price for BRRRR method
Hello awesome BPs
After pushed out from the competition, I am going to put an offer on distressed property in the hot area. The property has been sitting in the market for a while and it needs a lot of renovation - the internal of house needs all things to be changed. A rough estimate is around 80K.
The first question I have is, how much money shall be asked for BRRR strategy assuming the house is 100K asking price and it will require around 80K for rehab
Second is how do you estimate the rehab amount roughly. The above one is my own guestimate based on some generic research. The house needs pretty much all work inside the house. And not sure how long it will take to refinance and get the money as I am going to have it on conventional loan.
Thank you all.