4844 Grenwich Townhome Rehab and Hold

[Joe Schaak]

Thanks to @Dennis Zwirchitz for bringing this deal to me. Great to help out a charming couple that was overwhelmed with their sister's property after she passed away. And great to meet such a great guy like Dennis! My main contractor flaked out soon after I purchased this property and it took a while to qualify a new one. However, the results are terrific (and I found a much better GC!). Purchased for $79k; repairs approx $13k; monthly rent $1240. I'll refi next month and should be able to pull my equity out. 

Check out the Before/After photos here : 4844 Grenwich Townhome

[Joe Schaak]

@Andy Saquing Yes, there are HOA fees but I've figured those in to my numbers already. And - YES! - finding a GC that "gets it" makes everything worth while.

@Bo Kim I had the fortune of already owning a very similar unit in this complex so it made this purchase a no brainer. For the prior property, I estimated the repairs and did a thorough study of the sales in the previous 6-months as well as what the rental market within the area was dictating for a 2-bedroom place. Then, truthfully, I used the BRRR calculator here and moved forward. And - yes - it looks like I'll be able to pull all my equity out of the property on refinance.