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Updated over 7 years ago on . Most recent reply

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12
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Nicholas Young
  • Columbus, NE
0
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12
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Possible First Buy - Report Help!

Nicholas Young
  • Columbus, NE
Posted

Using the BRRR method I am looking to make my first purchase and I found a house divided into 4 units with a total income potential of 1,900 monthly. I am going to have a contractor look at the property but for now am estimating a $30,000 reno with a purchase price of $22,500, after reno value of 70k. Hoping to find a hard money lender that will loan me the repairs (is this possible?) & cost of the home at 12% over 12 months, interest only with 10% down. Here is where I become confused with the calculator - it seems to always assume you are paying the repair costs out of pocket. So, I did the following: 1) entered the initial loan at 47,250. This is house cost + repairs, minus 10% dp. Does this then give me the correct outputs desired? Before I speak with any lenders, I want to make sure I am doing this correctly and understanding the outputs. Here is a link to the report:

https://www.dropbox.com/s/q7h9tpoqwbst70s/Report%2...

If there is a better way to share this link, please let me know.  I appreciate any help!

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