Triplex HML BRRRR in progress

[MIlton Monzon]

Investment Info:

Small multi-family (2-4 units) hard money loan investment.

Purchase price: $196,080
Cash invested: $39,216

Expanded our CT reach. Seller needed more room to breathe so I negotiated and got him to 196k from 220k. Not a big drop but big enough to meet the expected 70% ARV criteria needed for hard money. ARV expected based on appraiser was 290k. Currently remodeled one unit and all mechanicals are updated. Last repair made is the deck but city is making it hard with permitting. What should have been a 3 month cash out refi is now looking like a 6-9 month. Luckily HML is 12 months. Either way exit strategy is cash out refi at 75%, Refi at 80% (no cash out), or sell and net approx 70-100k (but hate capital gains). Will update when that decision comes around.