We finally closed on our properties for our first cash out refi! 1st property- failed with the numbers with estimated ARV and rehab costs. Estimated ARV 200k (initially thought it was 220k) and actual ARV $175,000. We went way over on rehab and had an expensive GC. 2nd property Purchase $77k (includes rehab funds for rehab) Expected ARV $100k Actual ARV $136k We combined the loan on both properties and thankfully the equity in the 2nd property made up for the lost on the 1st. We got a check for $17,000 today! We owe one more person but what we gained are 2 long term rental properties and the experience to acquire and BRRRRS the next 50! Mindset and growth are everything. I wanted to share because it wasn't perfect but we celebrate every win! For us, it's a win and a step closer to financial freedom! On to the next property.
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6:58 FasterFreedom... Kanika Cunningham is with Carl ••. Cunningham. 1h • 2 We finally closed on our properties for our first cash out refi! 1st property- failed with the numbers with estimated ARV and rehab costs. Estimated ARV 200k (initially thought it was 220k) and actual ARV $175,000. We went way over on rehab and had an expensive GC. 2nd property Purchase $77k (includes rehab funds for rehab) Expected ARV $100k Actual ARV $136k We combined the loan on both properties and thankfully the equity in the 2nd property made up for the lost on the 1st. We got a check for $17,000 today! We owe one more person but what we gained are 2 long term rental properties and the experience to acquire and BRRRRS the next 50! Mindset and growth are everything. I wanted to share because it wasn't perfect but we celebrate every win! For us, it's a win and a step closer to financial freedom! On to the next property. View Insights 102 Post Reach You, Mitch Wittman and 25 others 6 comments Love Comment Send 9+ Home Marketplace Groups Profile Notifications Menu