Working on our first BRRR

[Thomas Weidner]

My wife and I are working on our first BRRR. This property came to us from a family friend. She had inherited the property and was living in it for the past couple of years. She could not keep up with the upkeep of the property and could not pay the property taxes. We stepped in and asked what she would take for it. We agreed on 50k for the house. The home is a 3/2 1600 sf brick inside city limits. The house needs a new roof and mechanicals as well as paint and flooring. We have set aside a conservative 25k for the rehab. We are using a local bank that we have done business with for years. We should be able to finance with no money down on the appraisal that will be done. We are figuring a ARV of 110k. We hope to rent it out for $1100. The house next door rents for that amount. This is our first deal so any input or pointers would be appreciated.