Did I over rehab my project

[Alexander Spira]

Hi Bigger Pockets Members,

Great news I just refinanced out of my first BRRR as @Brandon likes to call it (Buy,Rehab,Rent, Refinance,Repeat ). We did a good quality job in Baltimore City.

From the buy to the rehab to rent and then to the refinancing it has been a real roller coaster ride. All very much worth it but you got to really want it to make it to the end, it's been a 8 month process. Here are how the basic deal looks:

Home Depot	$ 16,000.00
Credit Card	$ 12,000.00
Purchase	$ 57,000.00
Rehab Labor	$ 22,000.00
Contractor Fee	$ 5,000.00
Carry Costs	$ 5,200.00
Refi Closing Costs	$ 2,000.00
Total	$ 119,200.00

  The house got appraised at $140K so the bank lent me $105. At the end of the day I have about 15K -20K left in the house. New mortgage payment is $799 and the rent in $1400.   I should clear about $5400 a year comes out a 25% cash on cash return. This is a nice return and I am happy to share this news with fellow members as encouragement for others and as a thank you to @Joshdorkin and @Brandonturner for helping me out with all the info etc. Of course all the great members get many thanks as well for having answered questions and picked up the phone for me. Thanks again, you all rock !!!!

For those of you who have BRRR in the past is it normal to have some of your money in the house or are the expectations to refi out everything plus some?

I am trying to figure if I over did the property ? Any advice would be helpful.

[Dennis M.]

Still many unknowns here . I’m not sure if you did great and I don’t know how others can high five  you so quick with out knowing the other expenses