Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 6 years ago on . Most recent reply

User Stats

1,239
Posts
1,097
Votes
Michael Ablan
  • Real Estate Broker
  • Watertown, NY
1,097
Votes |
1,239
Posts

First Two BRRR Deals Successfully Completed!!

Michael Ablan
  • Real Estate Broker
  • Watertown, NY
Posted

Hey guys!

I finally just completed my first two Cash out Refinances on two properties I purchased last year!  Below are the numbers

House #1(Cash Buy)

Purchase Price: $20,500

Rehab and Holding Costs : $30,000

Rent: $1000/month.  Tenant pays everything

Appraised Value : $86,000

House #2 (Cash Buy)

Purchase Price: $8,000

Rehab and Holding Costs : $1,500

Rent: $750/month.  Tenant pays everything

Appraised Value: $40,000 (Appraiser screwed me by using foreclosures as comps.  I wasn't happy)

I got to deposit the biggest check I've ever received on Friday and it was a pretty awesome feeling.  I have 3 more properties that I own free and clear, but I'm working on upgrading them before Refinancing them.

My plan from here is to use some of the money to upgrade my other 3 properties so that they'll appraise for the max value. The rest will be spent on acquiring more deals. I've currently got a 10 unit deal (2 4plex and duplex), a 8 unit deal (5 plex and duplex) and several SFH flips in negotiation, so the timing couldn't get better. I'm actively searching for either a Private lender or HML to work with me to grow my business, so if anyone could shoot any referrals my way, it would be GREATLY appreciated!

Anyways, just wanted to share my success with the BRRR method, with the hopes that it would motivate new investors to get off the fence and jump it. It really does work!

Happy investing everyone!  

Most Popular Reply

User Stats

281
Posts
104
Votes
James McCard
  • Investor
  • New Hartford, CT
104
Votes |
281
Posts
James McCard
  • Investor
  • New Hartford, CT
Replied

Talk to @Scott Hollister as I know he is affiliated with a good HML in this area. I am not sure if they service where you live but I am sure he can offer some advice.

Loading replies...