Full BRRRR in 9 weeks.

[Alexander Felice]

I've been posting on this forum for years, but this is the first deal I've felt like sharing.

We bought this house about 3 months ago

Purchase price: 38.5K

Rehab: 20K

All in: 58.5K

ARV: 78K

Loan: 58.5K 

Money left in the deal: ZILCH!

Rent: $850

I closed the HUD on March 14th and I closed the refi loan on May 18th. 

I used the delayed financing method to go so fast. If I had waited 6 months I would not have been able to pull out any additional cash so time became very valuable. 

Total process to rehab, place a tenant AND do the underwriting was just under 9 weeks total. 

I also do this entirely long distance from across the country. 

 A few keys to quickness: 

Your contractor should be ready to demo the day you close and own the property

Your lender should be included BEFORE you close on the house so he can make sure the HUD is optimal for extracting all your cash

I put the property up for rent about halfway through rehab, once it starts to have the GLOW of opportunity ;) 

overall it was pretty easy.  

Here are some before pics! This one was just a light rehab so not too exciting. (PS ALWAYS hire a pro photographer!)

AFTER: 

[Jason Brown]

@Alexander Felice ok first of all BRAVO!!!!! this is an incredible. I just finished my first deal and first BRRRR. I however had to wait the 6 months to be able refinance off of appraisal because as you, @Will C. and I all know the delayed financing prevented me from getting back anything above my purchase price and closing costs as they were listed on my HUD. can you PLEASE PLEASE PLEASE explain in further detail on what you mean by involving your lender in the HUD before closing and on "loading up/optimizing the HUD". Your 9 week turnaround timeline is inspiring!!! Great job!!!