My step by step BRRRR #2

[Lesley Resnick]

I have gotten a lot of positive feedback from my first BRRRR and I am going to document my next project.

BRRRR-2 is in Murray Hill. It is a nicer neighborhood than the first. This is a solid B neighborhood and is trending up. It is an alternative to Historic Springfield and Riverside which are both pricier.

This may end up costing me a few dollars out of pocket, but I will make it up in equity and depreciation.  I do not buy properties base on future appreciation, but this one has nowhere to go but up.  I have done a lot of business in the area but never pulled the trigger on one for my own.

This property is going to require more work than the first.  I am going to have to control costs to get all my money out.       

Tax roll says it is 1040 sqft

3  1.5

It has a huge detached garage.

I picked it up for 76k.  I will refi it on 2/27/19.  That will be 6 months of seasoning.  That is 8 weeks from today. 

[Lesley Resnick]

Been doing some research. The ARV should be in the 170k Range.

Rent in the 1200 range 

Working backward

 170*.7 = 119,000

170*.75 = 127,500

I have 76k in the property and need a reno of 43-51k. I am going to need the (75%) 127,500 or an ARV above 170k to make this come out even.