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Updated over 7 years ago,
Inherited house BRRRR deal advice/insight
Hello,
My family has recently inherited a West Texas home from a relative who passed and it's currently sitting empty and I'm looking to get some advice on doing a BRRRR on it (without the Buy).
The house is in rough shape and it's in a rural Texas town. Its a 2 bed 2 Bath about 975 square feet. Right now I have a very very very rough repair estimate of 20k (which I expect to change) with an ARV of 65k. I'd like to receive some insight on the best way to gain access to cash through refinancing the house in order to purchase more properties as I don't have access to a huge amount of funds starting out.
Current report shows it cash flowing $174 a month but like I said my numbers are very rough especially in the repair and insurance cost areas. I'll attach the report I generated if anyone would like to poke through them and point out any obvious flaws.
Also if anyone has any experience or knows a referral for estimates on renovations in the San Angelo Texas area that would be great as well.
Appreciate your time everyone!
https://www.biggerpockets.com/brrrr-calc/435377