First Deal To Close tomorrow in New Britain CT!

[Rick Santos]

Tomorrow I will close on the first of many deals to start attaining my passive income goals. Going into this deal with a little anxiety, but feel it is a low risk deal with acceptable numbers. Special thanks to @michaelnoto for helping me through the process, he has served as a great mentor and learned a lot from him. 

Here are the details:

2 - Family New Britain - Average Area , semi industrial, somewhat quieter than other Average areas - 1978 sq ft

Purchase Price - 46,900

Rehab Budget - 35k - 5k Overage Factor - Was quoted 3 weeks, but aiming for 4-5 weeks

ARV - 120k

Cashout Refi 75% LTV - 90k -

Out of Pocket < 5k or hopefully 0!

Projected Rents - $775 each unit - Both 2BR 1 Bath Units

Approaching this one as a BRRR, looking to cash out refinance and get most if not all money back. Projecting to cash flow around $250-300/m after accounting for vacancies etc. I am aiming to do 3 of these every year to get to my passive income goals.

Plan is to hold this for 2 -5 years and then sell to trade up into a larger property.