First BRRRR deal - Alabama

[Cody Mitchell]

Investment Info:

Single-family residence buy & hold investment in Adamsville.

Purchase price: $47,000
Cash invested: $16,718

This is my wife and I's first BRRRR deal. We purchased this property through a wholesaler. My wife and I used a hard money lender to secure most of the purchase price and estimated construction cost. We bought the property for $47,000 and the rehab cost $45,980. After the cash out refinance, we have a total of $16,718 left in the deal. This property appraised for $134,000 and the property has a signed contract to rent for $1,250/ mo beginning in June 2022. This is a BRRRR deal that my wife and I purchased through a wholesaler. After all expenses including capital expenditures, vacancy, maintenance, and property management, we will cashflow approximately $229/mo.