Blackacre Properties finished up another successful BRRRR this week in Grafton, Massachusetts. Check out the before and after videos!
This was a HUD Home purchased in late June, rehabbed in July and August, and rented for September 1st.
The before video was shot during the “exclusive” period when only owner-occupants could bid on the property. At that point, the property was listed for $225,000.
After the auction was opened to investors and the price was dropped, Blackacre was able to pick it up for $185,660.
The rehab took about 6 weeks and cost $20,000, with about half spent on plumbing repairs and a new gas furnace and central AC.
Once the unit was rented, we went to the bank to start the refinance process. It appraised for $253,000 and we’ll be able to finance 80% of that, leaving just over 1% of the ARV in the deal.