My first BRRRR deal in Rochester NY

[Brett Schickler]

Hello, Im currently working on my 2nd deal however this is 1st attempt at using the BRRRR strategy. I have a short sale under contract and I'm set to close at the end of the month. I would like to throw the numbers out here and see if theres anything I'm missing? The property is a single family home in a nice area of the city with a high rental demand, the purchase price is: $65,000 repairs: $19,500 ARV is between $115,000 -$120,000. I have a bank that will allow me to refi at 80% of ARV after 6 months. I believe the property will conservatively rent for $1350 per month if not more. I've run the number's several times and it looks like the property will cash flow $220+ per month (after the refi) and I should be able to refi most if not all of my original investment out after the 6 months seasoning period. Is there anything that I'm missing here?

$65,000 (pp) + $19,500 (repairs) = $85,000

ARV $115,000 x 80% =$92,000

Ive used the BRRRR calculator and as far as i can see everything looks good. I would really appreciate any feed back from some seasoned investors.

Thanks!