BRRRR - Buy, Rehab, Rent, Refinance, Repeat
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Best way to BRRRR this property?
Hey everyone!
So I’m looking to buy a duplex at a price of $118k. It’s a 6 bed 4 bath duplex and is 3 bed 2 bath each unit.
The ARV looks to be around $250k.
One unit is currently rented and the other is vacant.
My plan is to purchase using conventional lender and put 20% down and finance the rest. Once I have it under my name, I'm thinking of taking a HELOC and using that for my rehab on the vacant unit. Then once the lease is up on the other I'll do the same and rehab that.
And once they’re both tenanted I’ll go ahead and refi again.
What do you guys think? Are there better strategies on funding the rehab?
I honestly think though that at purchase the property will be worth about $200k already, but want to see what you guys think and suggest!