Well, it's been a bit but wrapping things up. Took 4 weeks for estimated 2 week rehab. Delayed issues with the contractor but finally got it done, except waiting delivery still of the range. Listed it Last week and expecting signed contract by tomorrow with what looks to be excellent tenants. So all in all Signed assignment for purchase, closed, rehab and rented in 6.5 weeks. Final numbers came out higher than expected but since i did all my research basesd on everything being more expensive than it all worked out. Below is breakdown:
BRRRR Results will be final after I refi at end of month but plugged in initial locked in quote from lender now just need to negotiate closing costs with title company.
Monthly Income:
$1,425.00 | Monthly Expenses:
$1,172.23 | Monthly Cashflow:
$252.77 | Pro Forma Cap Rate:
6.06% |
NOI:
$10,607.50 | Time to Refinance:
2 Months | Cash on Cash ROI:
36.69% | Purchase Cap Rate:
10.30% |
| Vacancy: | $78.38 | Repairs: | $49.88 |
| CapEx: | $49.88 | Insurance: | $100.00 |
| Management: | $71.25 | P&I: | $631.19 |
| Property Taxes: | $191.67 |
| Purchase Closing Costs: | $3,605.00 |
| Estimated Repairs: | $10,338.00 |
| Total Project Cost: | $116,943.00 |
| After Repair Value: | $175,000.00 |
Acquisition:
| Down Payment: | $0 ($10750 surplus) |
| Loan Amount: | $113,750.00 |
| Loan Points/Fees: | $4,823.00 |
| Loan Interest Rate: | 14.000% |
| Monthly Interest: | $1,327.08 |
| Total Cash Needed At Purchase: | $8,016.00 |
Refinance:
| Loan Amount: | $121,000.00 |
| Loan Fees: | $7,500.00 |
| Amortized Over: | 30 years |
| Loan Interest Rate: | 4.750% |
| Monthly P&I: | $631.19 |
| Total Cash Invested: | $8,266.00 |
| Purchase Price: | $103,000.00 |
All is right in the world. Good enough that I just signed a contract on another property this weekend, only this time in Cleveland Ohio might give a shot at flipping or maybe just hold as well.
Thank you all for following, i'll try to do a better job with pics on the next project I have coming up August 1st.
