BRRRR baby BRRRR!! Doubled my money in 4 months!!

[Jason Woodson]

Hey all,

I purchased my second duplex in Keene New Hampshire and just wanted to share the final numbers.  BP has such a great motivator and source of information, I can't even begin to explain how much it's meant to me.  I found this deal in late May and finally was able to close in August after a number of issues with the title.  I'm very lucky that I was able to do almost all the work with my parents minus some electrical, tree removal, and putting in a driveway.  I was also fortunate to find some amazing tenants and had leases signed 6-8 weeks before we finished the work on their respective units.  The work took about four months, $52k of the money was my own and the balance was funded by a family loan. 

Listed Price $70,000

Purchase Price $62,000

Rehab costs $23,000

All in costs $85,000

Appraised ARV $168,000

Cash out refi $90,000

Open Equity Line $44,000

Capital position Gain $49,000

Current Equity $34,000

Net Gain $83,000

Unit 1 Rent $1250/month

Unit 2 Rent $750/month

Rent totals $2000/month

Debt payments $870/month

Additional costs: $340/month (vacancy, capex, opex)

Final Cashflow $890/month