My First BRRRR Deal!!!

[Dan Shelhamer]

I just finished my 1st BRRRR deal! None of this would have been possible without Bigger Pockets!

Breakdown of the numbers:

• Purchase Price: 3 bed/1 bath/850 square feet.Listed at $75,900, negotiated down to $50,250
• Rehab: $31,433 (leveling sub floor, vinyl floors, drywall, doors, cabinets, bathroom, re-glazed tub, new toilet, new glass block windows, paint, removed a door in the master bedroom and closed off with drywall)
• All-in: $81,683
• Expected ARV:$95,000-100,000

Planning on refinancing after 6 months of seasoning at 75% LTV. Will only have $5k-$10k left in the property when it's financed.

Today is my 1st showing to get it rented and I have 8-10 people showing up.

Rental #’s:

• $1,350 for rent
• $318/month cash flow (factoring in 8% for PM, even though I am managing it)
• 51.35% Cash on Cash return (based on $95,000 appraisal)
• 191.64% Annualized Total Return

I have been investing in Real Estate for just under 2 years, and the moral of the story is ANYONE can do this! It just takes a willingness to learn (Bigger Pockets) & then take action! Already looking forward to my next one! Please let me know if you have any questions as I would love to help others who might be trying to break into buy & hold investing or their first BRRRR!