Atlanta, Georgia 2 BRRRRs in 41 days (original post got deleted)

[Account Closed]

These are the two BRRRRs we executed a month ago.

I have attached screen-shots of the BRRRR analyzer we use in our due diligence below. If anyone is planning to BRRRR and have questions about the process, I will be happy to share what I know and have learned.

Although, @Ashish Acharya and I am still looking to do more BRRRRs, we are focusing more on analyzing/underwriting small apartment complexes (Purchase Price <$1.2M) right now and plan to purchase one within next 6 months. Looking for partners and investors to buy the first apartment with us. Let's connect. 

PROPERTY SUMMARY

Property	Florida Heights, Atlanta	Westview, Atlanta
B/BA	4/2	3/1
Sq Ft	1,980	1,135
Built	2005	1948
Asking Price	$ 99,000	$ 99,000
Source	Local Wholesaler	Local Wholesaler
Occupancy	Tenanted	Tenanted
Current Rent	$1,030	$865

DUE DILIGENCE

Exit Strategy: Buy & Hold
Pro-Forma ARV (as-is)	$145,000	$140,000
Pro-Forma Rent	$1,400	$1,200
Rehab for Buy & Hold	$15,000	$10,000
Exit Strategy: Flip
Pro-Forma ARV (Flip)	$210,000	$390,000
Rehab for Buy & Hold	$50,000	140,000

CASH CLOSE

Closed within	30 Days	10 Days
Close Date	1/11/2019	1/11/2019
Contract Price*	$ 98,000	$ 99,000
Adjustments (Taxs, Pro-rated rent and deposits )*	$ (1,416)	$ (1,201)
Closing Cost*	$ 1,005	$ 1,369
Adjusted Purchase Price*	$ 97,589	$ 99,168
* Per HUD Statement

REHAB PRIOR TO APPRAISAL

Handyman	$2,230	$6,025
Gutter	$250	$1,150
Appraisal	$695	$695
Plumbing	$0	750
Cleaning	0	125
Total Rehab Cost	$3,175	$8,745

MORTGAGE

Loan Product	Delayed Financing	Rate/Term Loan
Closing date	2/21/2019	2/21/2019
Appraised for	$ 156,200	$ 150,500
LTV	67%	71%
Rate	5.75	6.12
Term	30 years	30 years
Closing cost and Prepaid (Financed )	$ 8,502	7500
Loan Proceed	$ 96,500	$ 100,088
Rent Collected during mortgage free months	$ 2,060	$ 1,730
Total Cash Spent	$ (100,764)	$ (107,913)
Cash Stuck in the Deal	$ (2,204)	$ (6,095)

Pictures of the properties: 

BRRRR Analyzer we use: (2 of 9 tabs)