Okay, so everyone knows that this project is a nightmare. This one also happening in parallel with the other one but it’s pretty much straight forward. This will soon to be my primary resident Check out the before and after picture. This is the 1st time we did complete bathroom build out and kitchen build out and really spend the time designing the space.
This will be a “live and flip” deal. Base on the comps, I am hoping that the ARV will at least = or great than the amount of money i put into the house. I bought this using the credit line. I am planning to move into pretty soon here and refinance it our under the regular homeowner mortgage to get the cash-out.
Update: Today is 03/09/2016 and i am moving into the house! This is pretty exciting. I did a rental CMA on my primary resident and see that it should rent out for $1300 I am thinking about $1250 to have a shorter day on market and attach long term tenant. Let see. My PITI on the house is only 650 so it should cash flow well.
Afer today we have to unpack, and i have to get ready for..refinancing! Fun Fun Fun. This is my chance to get the money back.
update: Today is 12/05/2016 and i was able to refinance this one out at ARV couple months ago. I have to go through several lenders but finally landed on a good one. Since the ARV is as high as expected. I was able to cash out refinance at 80% and pretty much pulled all of my money house. Yes, you heard me. I pulled almost all of my money out and get this house for almost free.
Since the interest rate is so cheap (3.75% for 30 years) my mortgage is a whole lot lower than a decent 1 bedroom apartments…
Before and during rehab