My First BRRRR.. help!

[Liz Lynn]

Hi everyone! I am working on acquiring my first BRRRR property and I am so excited to get passed the analysis paralysis stage and take the next step. I have set up a nice list of renters and I know that there's always people looking to rent, so I am fairly positive I will be able to find a good tenant and get this cash flow (: I found a triplex that is downtown and listed for 110k and I've been told it'll need 47k in repairs. There's a 2/1 unit in the front that has a nice view of the Tower and they said market rent is $950, there's the second unit which is a 1/1 and market rent is $850, and they have a detached unit in the back that is rented out at $500. Both of the front units need complete rehabbing, but the back was recently remodeled. Zillow estimates it currently at 120k and can sale at 85k-143k, and I'm waiting on comps from my realtor. I wanted to brrrr a multifamily and these numbers work really nice imo.

My question is, what now? How do I go about estimating costs, rents, and ARV? Who do I need to look for to flip a house and what should I look for when hiring? Is there a way to estimate repair costs without sending out a crew? I don't have MLS so I go off of zillow and so far there aren't any multifamilies around for sale and TX doesn't show sold prices so I have been stumped on ARV and rent value. Any additional tips would be appreciated! TIA

[Jason Wray]

Liz,

Have you secured financing or been pre-approved for the loan if you are not paying cash?  I am just asking because of the $47K in repairs are those upgrades/renovations or would those be "Subject to" the appraisal/inspection?  I would talk to a local seasoned real estate agent and ask for a good handyman/contractor for a second opinion/options.