BRRRR Close

Impressiev re-fi appraisal. What's the pro-forma rent and expense ratio?

Cnogratulations on the recent close, that's a great story. I've seen some similar deals in the Lexington market, but I have to push back on the appraisal assumption. A $400k refi appraisal after a $75k rehab on a $250k purchase seems aggressive, even with our local market's growth. Can you share more details on the porperty and the appraisal process? How much of the refi did you actually pull out in cash, and what were the terms of the loan? I'm curious to know how much capital you actually got to keep, after closing costs and all. Our local lenders have been tightening up on loan terms, so I'd love to hear more about your experience.

Sounds like a sollid BRRRR deal, but what are the vacancy assumptions and how's the CAM reconciliation looking? Also, what's the tenant credit like? Are they high-credit, long-term leases or is there some risk thre? Need more info to gauge the real potential for long-term cash flow and resale value.