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Updated almost 6 years ago on . Most recent reply

User Stats

68
Posts
112
Votes
Kendall Short
  • Lender
  • Kansas City, KS
112
Votes |
68
Posts

First BRRRR Completed!

Kendall Short
  • Lender
  • Kansas City, KS
Posted

Hi all, 

I have finally completed my first Real Estate deal. I had been saving up and looking for a deal for the past year or so, and this one just kind've fell in my lap as it's two doors down from where I currently live. 

Let's get right into it. Purchase Price was $68,000

Specs: 2bd, 1ba, 864 sq. Ranch, basement/garage, large back yard. 

Down Payment: 13,600

Closing Costs: 2,700

Rehab Costs: 26,000

Holding Costs: 4,800

Luckily, my aunt lived next door and closed on the sale of her house at 118,000 a few days after I closed on this property, so that was the estimated ARV.

My lender allows for a refinance after 6 months of ownership, and I've had it for 7. 

The appraisal just came in two days ago, and it appraised at $118,500

I will end up getting $38,000 back from my cash-out refi after all lender fees, and cash flow $250/mo on a completely renovated home with (hopefully) little maintenance. Without counting holding costs, I've got $4,300 of my own cash left in the deal, with $23,700 in equity currently in the deal after the refi. 

I'm happy, but never content. First deal definitely isn't a homerun, but singles will do for now. Onto the next one!

Photos in the comments if I figure out how to insert them. 

Most Popular Reply

User Stats

51
Posts
14
Votes
Matt N.
  • Investor
  • Washington, DC
14
Votes |
51
Posts
Matt N.
  • Investor
  • Washington, DC
Replied

Sounds very good. Which city is  this?

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