@Marc Shin We're funding cash out refis for a lot of our most experience BRRRR clients right around day 91 (to pass 90 days of title seasoning) where we get the process started (appraisal, title, application, etc) around day 60  (plus or minus) when they have the place fully renovated and at least listed for rent (we'll use appraisers opinion of market rent to calculate DSCR). 

This is even more so if you attempt to do a major renovation from far away.

So a lot has happened since I last updated you all, well not too much has happened, I've settled into my personal home that I bought, renovated it and for the first time in my life have a place to call home that I actually OWN!!!

After investing $47,000 in thoughtful renovations, we transformed the property, enhancing both its functionality and appeal.

I talked to numerous California investors in real life and phone/Zoom calls who have lost money in far away OOS markets, mostly Midwest markets (e.g. repairs, capital expenses, bad tenants, properties vandalized while under renovation, evicted tenant stole all the appliances, property managers with high fees or overcharging for repairs).

@Saul Clavijo make sure you understand you will be getting into Class C properties at those numbers.Food for though below, DM us to chat more about Detroit:--------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Purchase price: $100,000 Cash invested: $30,000Property is valued around $315kForeclosure purchased from bankNo renovations since 1978What made you interested in investing in this type of deal?

JWB spent $2,300 on renovations prior to you moving into the home. 

The only exceptions I can think of are a lack of experience frustrating your financing process or where the GC has such a well established brand that a buyer will pay a premium for a home built or renovated by that particular contractor.

Keep in mind that these homes are sold "as-is," so a thorough inspection is crucial to identify any potential issues that could affect your renovation budget and timeline.Special Requirements:Freddie Mac has a "First Look Initiative," which gives owner-occupant buyers an exclusive opportunity to purchase homes before investors can submit offers.