1st BRRRR Property - Fayetteville NC

[Joe Prillaman]

For all my Wilmington, NC and Fayetteville NC peeps,

I have decided to start posting more on the forms. I have never been a big player in social media but I want to inspire people to go ahead and jump into real estate! If I can do this than anyone can do it. 

Property#1

Property Address: 508 Alleghany Rd, Fayetteville, NC 28304, USA

Purchase Price: $43,161

Rehab Cost: $13,900

ARV: $80,000

Current Rent: $900

Vacancy: 7%

Property Management: 10%

Capital Expenditures: 5%

Maintenance: 5%

Total Time from purchase to refinance: 12 weeks

Total cash invested: $0 

Monthly Cash Flow: $137

What I would do differently: Ok so this was my first property so I was scared to death and was banking on the 2 years of learning and networking I had done prior to purchasing this property for wisdom and guidance. Looking back I would have replaced the HVAC in an attempt to raise the ARV and wrap that whole cost into the refinance. Now i'm looking at having to replace the HVAC in the near future "it's 20 years old" and the same thing can be said for the roof, It is only 7ish years old but I believe that replacing it could have raised that ARV significantly.

Pictures to Follow!!!!

[Joe Prillaman]