Infinite Return on BRRRR in Muskegon Michigan (case study)
I love success stories and wanted to quickly share one of ours. :)
Here's a case study for a BRRRR property in Muskegon Michigan:
Purchase price: $15,000
Renovation cost: $16,500 (new paint, new flooring, new bathroom, new roof, exterior repairs, landscaping)
Rental Rate: $800/month
Appraised Value: $50,000
Cash Out Refinance Loan: $37,500 (20 year Commercial @ 3.9% interest with local bank)
Result: infinite returns, ~$200/month+ cash flow after cap ex and all expenses, $12,500 of equity in property, $6000 cash-in-hand at refinance closing.
How we did it: we flip properties full time and have a dozen contractors that work for us exclusively. This gives us the best prices and turn time for flips and BRRRR properties. We completed this property last month.
Financing: Cash purchase and cash repairs. Commercial cash out refinance.
Time frame: 3.5 months from start to finish.
What are some things that you did to ensure that your BRRRR was completed successfully?
Here are a few photos of our project:
