BRRR Success Story Saint Paul Minnesota

[Rashad K.]

Purchase Price: $115,000 Rehab: $110,000
Bought and Renovated using a local hard money lender Pine Financial 

Refinanced out with a new commercial loan. New appraisal after renovations came out at $400,000 leaving 160,000 in equity

Loan Amount $240,000
Rate 4.75
Amortization 25 yrs
Principle and Interest= $1,375/mo
Taxes=$412.33/mo & Insurance=$139.90/mo
Total PITI= $1,927.23

Unit # 1: 2 beds and 1 bath $1350
Unit # 2: 4 beds and 1.5 bath $1850
Total Rents= $3,200

Monthly cashflow after PITI= $1,272.77/mo

I found this property on the MLS. First offer was 95K about 6 months later and a lot of follow up we came to an agreement. I hold my real estate licensed and have an automatic search that gets sent to my email whenever a duplex in Saint Paul hits the MLS. I also hold my general contractors license so I managed the project from beginning to end. After a few years and a lot of trial and error I have built a team of carpenters, plumber, Hvac , electrician, painters, etc. This project went pretty smooth biggest hurdle was having the building inspector that I was familiar with retire in the middle of the project and a new one coming in with a different way of doing things, for example coming in to do an inspection a week after calling him, little stuff like that. Wish I would have taken after photos but I have included photos that came with this appraisal report.

[Pam Holbrook]

Congratulations Rashad!