We recently closed this deal for one of our repeat borrowers. The property, located in the upscale area of Miami Shores, FL, was purchased in early 2022 for $1.1 million. The borrower did some light cosmetic renovations, increasing the property’s value to over $1.8 million. The borrower then leased out the property for close to $8,000/ month. The significant cashflow of this property allowed the borrower to take a large cash-out from the refinance. The borrower will be using cash-out proceeds for another real estate investment.
“This a classic example of a BRRRR (Buy, Rehab, Rent, Refinance, Repeat) for us. This borrower was able to purchase a property at a below market price, do some light upgrade and significantly increase the value of the property. The borrower is now off to his next investment. We love deals like this!” – John Femenia.
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