$75,000 house in Cleveland. Fixed up, it sells for $135,000.
The actual profit after expenses is $17,650, a 34% return. That's what flipping looks like.
Comment FLIP below and I'll send you the full analysis.
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Normally your down payment is stuck in a rental forever.
Not here. This $44,900 East Cleveland duplex needed ~$35k of work. All in, about $85,000.
Once it's fixed up and rented, you get a new loan on the higher value β banks lend ~75% of what a house is worth. At $114,000 fixed up, that loan is $85,500.
More than you spent. You get your money back, keep a duplex making $1,100/month, and go buy the next one.
That's a BRRRR.
Comment BRRRR below and I'll send you the full analysis.
#brrrr #realestateinvesting #rentalproperty #clevelandrealestate #cashflow #realestate #investing #firstrental