All Forum Posts by: Jiawei Zhao

It's a mess because I didn't know what I was doing. For example, I didn't know that $20,000 was paid to wholesaler after I learned so much from BiggerPockets.

At the end of the day, as a BRRR deal, it barely cashflows. With so much cash put in, after the refinance, I would still leave $20+k in the deal and won't get any cash flow

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Originally posted by @Bruce C.:

You payed $27k in closing costs on an $89k purchase?

Yeah. $20,000 were paid to 2 LLC's that were middle man (wholesaler)

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Originally posted by @Brad Bellstedt:

Good morning! I am in suspense waiting for your response. Please let us know why you feel this has become a mess, the number of beds/baths, how much the HOA fee is, and where the $27,000 of closing costs came from. We may be able to turn this mess into a gem but will need more information.

Hi, I am sorry that I didn't check the reply in this post on time.

The property went through 2 LLC's hands, each added $10,000, hence $20,000 extra was added.

The property is 2/2, and the rent is $1,200. HOA $188 (sewer, water, garbage included)

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Interesting! You are the founder of DealCheck, and I am using it.

Very inspiring story. I am going to read it one more time

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Congratz! I'm glad to see the BP helped out.

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+1 on this. I think the answer might be written in David Greene's book.

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Investment Info:

Other fix & flip investment in Las Vegas.

Purchase price: $89,000
Cash invested: $132,000

The first fix and hold property I bought without any knowledge in real estate investing.

A condo in a C+ area.
Bought from a wholesaler (introduced by a family friend) at below market price.
Listed purchase price $89,000. Final price + closing cost $116,000
Rehabbed cost $16,000
The unit is still vacant

So far, it's been a mess. I haven't done re-analyze this deal yet. Will keep you guys updated.

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All Forum Posts by: Jiawei Zhao

Jiawei Zhao has started 1 posts and replied 11 times.

Post: First BRRR Project in Las Vegas w/out Any Knowledge in REI

Post: First BRRR Project in Las Vegas w/out Any Knowledge in REI

Post: First BRRR Project in Las Vegas w/out Any Knowledge in REI

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Post: First BRRR Project in Las Vegas w/out Any Knowledge in REI

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