All Forum Posts by: Brian Knitter

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $35,000
Cash invested: $42,000
Sale price: $142,800

Next flip Boarded up windows, pet smells and total rehab. Down to the studs and replaced entire inside of home. New plumbing and electrical along with all new appliances and fixtures. Worked really hard on this one and it turned out great.

Hi Justin,  Strange they gave you the run around.   Maybe just a different person that answered the phone.       I am an investor in the Lansing area as well as an agent.

Hi Justin

I am a realtor in Lansing as well and I have had good luck with Tri County Title.   Good luck!

Great work!  Thanks for sharing your story and pics!

Hi Barry. I am in the process of refinancing now. Its been about 20 months since the purchase and I struggled with the refi for a bit. Loved the cash flow. But then realized the 10% ROI vs the INFINITE return. I will not have any of my $ left in this deal. The light bulb turned on and I tapped into the BRRRR strategy. Time to reuse the refi cash for opportunity. I just bought another SFH and I have a ZOOM inspection today.

Thanks Mike.  I had a great realtor.  Found me a great deal.   Now he's my mentor and I have my realtor license.   It really only needed some minor repairs to the french doors (handle hardware), some paint, repair and clean off the decks and it was good to go.   C property that hits the 1.5% rule.   It had nearly brand new carpet when I bought it.  Best part was worked hard (and got a little lucky) to find a great tenant.  August will be their third year and they are still working which is fantastic for everyone.   

Thanks David.   They did a virtual appraisal this week.   Took pics of the outside and used pics from the listing.   I told them some of the reno in the last 18 months and boom here is your appraisal.    First time I have ever seen anything like that.   And it came back very favorable.   I just bought another rental and will be doing an inspection next via zoom or facetime with my inspector.   Should be fun!   

Thanks Marco!

Hey everyone,

Just refinanced my first BRRRR and ready to re use the $ for another property. Wanted to share my stats as I went Pro this week and building my calculator reports. Let me know what you think!


Purchase Price: $52,000.00  Cash Purchase Closing Costs: $250.00  Estimated Repairs: $1,000.00  Total Project Cost: $53,250.00  

Appraisal/After Repair Value: $75,000.00    Total Cash Needed At Purchase: $53,250.00

Refinance:
Loan Amount: $55,500.00  Loan Fees: $2,500.00  Amortized Over: 15 years  Loan Interest Rate: 3.25%
Monthly P&I: $389.98
Total Cash Invested: $0.00
Income
Rent $820.00
Other $0.00
Total $820.00

Pre-Refinance Expenses Repairs $82.00 (10%) CapEx $82.00 (10%) Insurance $50.00 (6%) Property Taxes $150.00 (18%) Total $364.00 (44%)

Post-Refinance Expenses Repairs $82.00 (10%) CapEx $82.00 (10%) Insurance $50.00 (6%)Property Taxes $150.00 (18%) Total $753.98 (92%

P&I $389.98 (48%)

Gives me this infinite return which I find fascinating.  Not to mention I just refinanced more than the purch price at 75% cash out refi. This stuff works!!   I will say the only reason I felt so comfortable at the refi part, even in these times, is my renter.   They have been there almost 2 years and I just may talk them into a 2 year lease next.   The renter is the real asset.   @JoeAsamoah