My first BRRRR....HELP!

[Ty Upshaw]

The house is in a non appreciating area....section 8 renters will be my tenants. Not sure if the numbers will allow me to refinance enough cash out for another project. At 10,500 purchase price cash from my pocket....30k rehab...my estimate not contractors. CoreVest will give me the 30k for repairs, If the ARV comes in at 50k or higher. So l will wait to see what repair estimates are....if it's feasible to add 1 bedroom making it a 3/1....the ARV of course will be higher allowing me to have enough to pull out....my question is....when l pull the money out....l pay CoreVest back 30k....which leaves me nothing for another project....??....l need CLARITY on the BRRRR.

I think l need to step up in property calibre ....please advise.....Tyrone

[Ty Upshaw]

Hi Ben....this was a pocket listing that l was offered from an agent in the area.  He Told me the seller purchased the house at a tax deed sale for 5k.  Yes if l can pull 10k back out that would be great.  The minimum amount CoreVest will give for a rehab is 30k..dont know at this point that l will need that much....l really want to "sincerely" thank all of you for your feedback.  I really can't afford any "major" financial blunders at this point in my life(56yrs old)....lm building a rental portfolio for cash flow for retirement.  I do realize l may have to execute a couple of fix and flips for lump sums of revenue eventually to move up to multi family homes 2 to 6 inits or more.  Address of property is 1601 18th way SW Birmingham,  Alabama 35211....not the best neighborhood 2bd 1bth 832sq ft. Not listed for sale....you can see pics and street view if you key in the address....so glad I joined bigger pockets!...l feel this community will guide me.....thank you!!.....Ty