First BRRRR finally finished

[Taylor Holden]

Hey All figured I'd post this since I finally completed this project. 

Purchase- $59,000 Sheriff sale

Initial funding- $59,000 private money at 5% interest only pay off in 2 years.

Rehab- $30,000 + $5000 unexpected HVAC My own capital

Appraised- $149,000

Loan- 80% LTV 4.25% 25 year 5 year fixed.

Rent- $1375 a month with 12 month lease signed.

Profit- $24,000 in capital. 

We ran into doing so much more then I thought we would do. Along with COVID, plus a few bad contractors its been a rollercoaster. Yet we tried to really bring life to the property. Turns out it's now the highest priced property in the area. Definitely learned so many lessons on this. Especially the lesson of if covid takes your regular job away how to find a lender that will work with you. I'm looking for the next one for sure as we will only get faster and better.