Follow along a Richmond Virginia BRRRR with a commercial LoC

[Eddie Gonnella]

Just closed today on a BRRRR property in Richmond, Virginia. Bought this one with three partners @Elan Radbil, @Ben Hutto and @Jake Guhy using a commercial line of credit.

Purchase price: $95,000 4bd/3ba

Rehab budget: $40,000

Scope: Paint in/out, foundation work, new plumbing, new flooring, new decks, counter tops and converting a master bedroom into a 1/1 in-law suite. 

Closing/holding/finance costs: $20,000

ARV: $215,000

Rent: $2,200

Next step: Locking in contractors and getting the rehab moving

Any Richmond friends, give a shout if you'd like to check it out sometime!