BRRRR Strategy for the last 4 months - Hope to flip next!!!

[THU NGUYEN]

Having found BP 4 months ago, I spent many late nights reading the forums, listened to podcast on the way to work, on the way home from work.  I was very motivated and determined to get back into RE so now 4 months later I would like to thank all the BP members here and happy to report back the progress I have made  in the last 4 months:

1st house:  closed July 1, 2016, bought from wholesaler for $113K, rehab $10K.  Refinanced on Aug 19, 2016 for 30 years at 4.625% , appraisal came in at $135K.  Rented out for $1350/month.  Tenant moved in on  Sept 1.  

2sd house: closed Aug 8, 2016, bought from FSBO for $100K, rehab $1.5K, rented out for $1270 (including lawn service), tenant moved in Aug 13. In process of refinancing so I am anxious to find out what the appraisal value is. Houses in the same subdivision with the same sq, same year built is being listed for $125K.

3rd house: closed Aug 12, bought $134K from wholesale, rehab: $7K. In process of refinance but got appraisal report back today at $185K. My investment loan is usually at 75% LTV so that means I can get back $139K. I will have only $2K in the deal. Current listed for rent at $1550/month.

4th house: in contract to close on Oct 4, bought $120.5K, rehab is expected to be $5K top. ARV at at least $150K (being very conservative). Rent is expected to be $1450.

I have also done 3 private lending loans to other investors: 1 loan at 11%, 1 loan 12%, 1 loan at 8% and 15% of profits. 

I'm hooked, I have so much fun doing RE.  I guess I have found my calling.  I have fun doing it even if it doesn't pay.  I can't say that about my job...if I don't get pay, I wouldn't do it at all.  Will I be able to do RE full time someday?  That would totally be my dream job.  

Anyway, I have 2 rentals that I bought from builders more than 10 years ago.  Even though they appreciated but since I refinanced and got cash out to buy the properties above, cash on cash return based on today market is not great (6%).  I am trying to do seller financing to my tenants now on these 2 old properties.  We will see how that goes.  Owner refinancing would be something new to me as well.

THANK YOU BP members for helping out, answering questions for newbie.  I found a coach here at BP, Matt Huber and have met many other investors in person.   I am hoping to get enough experience to do a flip next.