1st Deal in Chicago using BRRR Strategy
I just closed my 1st BRRR deal two weeks ago and started planning for rehab work. It's 3br/1.5ba SFR in the south side of Chicago.
Bought the property from a wholesaler and I should have at least $20k of equity after rehab and refinance. I used a private loan from my entity (LLC) for the initial purchase and rehab. This loan will be paid off at refinance and I will have no money left in this deal.
Property is solid C area and can rented for about $1200/month, project cash flow after refi is about $200.
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