First BRRRR success; on to the next one!

[Amit G.]

Hello BP'ers! Wanted to share this success story with all of you who have guided and inspired me each step of the way as I was dwindling in this uncharted territory.  So here is the short of it as it stands around 6 months after I purchased this property -

SFR; 3Bed; 3Bath; 1080Sq. ft.; Ranch home with walk out lower level; 8400 Sq Ft. lot

Acquisition price + Closing costs - $82000 (Bank owned reverse mortgage property so bought it at listed price in April)

Rehab cost - $4300 (Yes, I went overboard with it as initial estimate was only 25k, talk about estimation :))

Total in : $125000

Rented in August 2017 for $1400 (I believe I am getting rent on the higher side for the area, because of the improvements)

Appraisal came in today for refinance at $168000, so essentially I'll be able to clear all the money poured into this! Not considering closing costs for refinance, this amounts to infinite returns!

Needless to say that I am super excited after this roller coaster of a journey....

Thanks to the BP family for your support! 

[Amit G.]

Here are a few external shots.