BRRR newbie - looking for advice on property comparison calculators

[Vikram V.]

Hi all - This is my first post!! I have been reading up/getting educated a bit on how to find a good investment property so I can get going. Seems like one of the critical tools in the arsenal is a calculator to plug-in parameters and compare various listings (by cash flow, projections over time, etc.).

Does everyone build their own investment property calculators (on Excel etc) to compare units? Or are there pre-built ones or a starter template that has worked well? 

Warm Regards,

Vik.

[Morgan Gutierrez]

Bigger Pockets has a BRRRR calculator that can help you understand evaluating thee properties. Deal Check is an app I used to help me evaluate as well. You can go to the app store or google to get some other ideas. There are spreadsheets out there and people do make their own as well.

Like @Nicholas L. was saying, Your Comps to ensure ARV, rehab estimates and an actual scope of work from a contractor, and a lender to refinance are critical for a BRRRR to go right!

My recommendation would be to get on list in areas you are looking to invest in and start analyzing deals. You can get on off market list in your target areas from wholesalers and real estate agents. You may even want to get connected with property managers as well. 

You should also consider the distance from you because rehab is involved and it is your first one you are going to want and need to be more present and hands on then you think. 

Consider the type of refinance you are going to need to do and start chatting with lenders about your options to refi and what you will need. Also, even though rates are expected to drop this year. It is ALWAYS better to be conservative and run your rates higher. You want to be content with the worst case scenario because trust me... the worst case scenarios happen!

Feel free to reach out and connect if I can answer questions or help in any way.