All Forum Posts by: Kelly Wiggs

@Rich Baer thanks for your thoughts. I went that way with the last rental I bought. Going forward I like the idea of adding value through a rehab and not having as much cash tied up which allows me to add more properties faster than buying them rent ready. The numbers on this one look like I'll break even or have about 5k left in it. It's really the experience in doing a rehab and refinance that I'm looking for so I'm able to use my credit union more. 

I am currently looking at a deal and before moving forward wanted opinions on what I am missing. I currently have two SFH that were both purchased ready to rent. The SFH I'm looking at does require quite a bit of work but I'm looking at the BRRR strategy to minimize the amount of cash I have tied up. These are the numbers:

Purchase: $19K

Rehab: $25K

ARV:$60K

The personal loan I have been approved for is $41500 for 7yrs at 10.175%.

My credit union will do a refinance on the home at 75% LTV once repairs are complete' and I have a tenant in place. It will rent for $750.

The estimated rehab time is 2-3 months.

Is there anything in missing? Thanks for your feedback and input.

Thanks for the positive encouragement- I've already spent hours here- the resources available and knowledge of the community are impressive.

Thanks for the welcome everyone- my goal eventually will be to generate enough income from rental properties to exit my day job. It's definitely a conservative long term plan. While working my day job the plan is to add 1-2 properties(mostly SFH) to my portfolio over the next 10-15 years and eventually purchase smaller apartment buildings

Hello- my name is Kelly Wiggs and I'm currently based in Evansville, IN. I have been in operations management for almost 20 years. I relocated to Evansville almost 3 years ago from Cincinnati and due to the market there I decided to rent my personal residence versus sell it.  After seeing the long term potential in real estate I recently purchased an investment property here in Evansville.