@Guillermo PerezPositives:- Equity Built: You now have $70K in equity, which is a solid result for your first deal.Cash Flow Potential: If the property rents well and covers your debt service while providing some cash flow, that’s a win.- Experience: You’ve successfully navigated a purchase, rehab, and refinance, which are the core components of BRRRR.Considerations: - Budget Overrun: Being $27K over budget highlights the importance of tighter cost estimates and contingencies.

Quote from @Dave Schimmels: What is a good way to get accurate rent comps with existing tenants based on the area?

One would learn more just by reading these forums and absorbing the knowledge and experience from the people who've done this before.A book is fine, these books are based off what? 

There is no UBIT because your investment isn't leveraged with a mortgage or debt.

As already mentioned, he wouldn't be able to use rent from roommates to help qualify but based on the numbers you shared there should be a VA option available considering how much flexibility there is. 

The name (former tenant) looked familiar and sure enough when we looked at the credit report there was the debt from us from 2023. 1.

If the floating rate debt starts costing too much and there is no capital to replace a rate cap, reserves run out.  

I’m Keagan, a realtor and investor based in Indianapolis, and I’ve worked with several clients on value-add multifamily deals and have done a couple myself.For finding off-market opportunities, I’d recommend:County Tax Delinquent Lists – Great for uncovering distressed properties.Direct Mail Campaigns – Target out-of-state owners.Local Networking Events – Connect with wholesalers who specialize in multifamily.I’d be happy to introduce you to lenders and share leads if Indy is on your radar.

Yes  I think the best move here is to asses your total monthly debt and see if a cash out refi will help decrease the total interest and monthly debt obligation.

Hi Anthony, it sounds like you’re in a good position to start building your STR portfolio, especially with no debt, great credit, and rent-free living!