Wholesaler's first BRRR for himself

[Sean Cole]

As my profile says, I'm a professional wholesaler in the Cincinnati market - we have 35 houses closed or pending closing so far this year.  One of the promises that we've made our customers (I use "we" a lot when I mean "I" - it's a management training habit that's stuck) is that we won't compete with them for rehab deals.  Lots of customers think that either wholesalers keep the best deals for themselves or that the deals that we have must not be that great if we aren't raising money to rehab them ourselves.  As a result of this promise, and for my own personal desire to generate recurring cashflow from real estate, I've started looking for rental property.  I'd prefer large complexes but I have a young family and a golf habit that sucks up a lot of free cash that could be saved for a purchase like that.

So, I found a 1950s ranch on slab in Colerain Twp (the Northbrook Area for those familiar) that I was able to purchase for $23,500 at auction and was pleased to find a new roof, newer kitchen, new mechanicals, newer bathroom, etc. when I inspected the house.  All told, my rehab budget is under $10k to get this rent ready and that's probably over-improving.  Rents should come in at $800-$850, making this a cash cow for me.  I'd like to refi the purchase/rehab loan ASAP, sign a 3-year lease with a tenant and have the sucker nearly paid off at the end of that term.  I don't need the $400/mo. cashflow in my own life today, and I'd like to have as few mortgages as possible as I ramp up on the rental side.

These posts suck without pictures, so here are some before photos: