That's another opportunity to see how tenants take care of the place.Also, when you are at the property at the request of the tenant for maintenance and repair, or there working on the outside landscaping, it's another opportunity to see what's going on.3.

So I guess it's a BRRR without the repair component. 

Many can fund 100% of purchase and repairs, but the norm would be 70% ARV up to 80-90% of total project cost.

Foreclosed condo's often have less major repair issues though, and cash can be a bigger king, in some cases.   

Minneapolis does require you hire Minneapolis licensed contractors that are expensive and can add 100's to 1000's to each repair bill for things like electrical, plumbing, heating, AC, siding, and roofs. 

$45,000 PURCHASE PRICEPurchase Closing Costs$2,300.00Estimated Repairs$55,000.00Total Project Cost$102,300.00After Repair Value$130,000.00AcquisitionDown Payment$0 ($37300 surplus)Loan Amount$82,300.00Loan Points/Fees$0.00Loan Interest Rate9.000%Monthly Interest$617.25Total Cash Needed At Purchase$20,000.00Thanks,George

For a BRRR you will need to have more cash because you cant mortgage repair expenses.

Since the property is very new, there are probably very few repairs or capital expenditures.

@Bradley Reecer I would first start by asking the HOA or management company if there are any pending assessments coming soon, What are the rental restrictions if any, what are the repair restrictions within the building or community?

Hi,Does anybody know a local appliance repair guy?