BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Updated over 4 years ago,
Guidance Needed! What is too large of a first rehab project?
BiggerPockets world I am in need of some wisdom from you BRRRR investors. I am looking at a 4 unit completely vacant property in Bridgeport, Connecticut. The property has fire damage on the top floor and needs an entire remodel. I wholesale and have completed a single family residential flip, but this is massive compared to the flip.
The property is in a bad area (but directly across from the high-school) so I am not too worried about location.
The numbers work and I think once I refinance I should be able to generate ~18%+ CaC and tie up an amount of equity I am comfortable with. My question to all of you, is do you think the rehab itself is to large of a project for my second investment? Secondly if anyone has any great contractors in Connecticut, I would love to speak to them.
Thank you!