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Updated over 3 years ago on . Most recent reply
Having trouble with BP rental calculator....
Hi there, I would be extremely appreciative of some help here. I feel dumb for asking the following but I'm using the BP renter calculator and I'm having trouble figuring out what numbers I should be entering into the renter calculator tool because it does not give me an option to specify what the ROI would look like if I use a refi on the property in order to leverage it so I can buy additional properties:
In 2017 I bought my condo (all cash) as a foreclosure for 165k (this includes closing costs). I then spent 35k to rehab it (so total out of pocket cost for my condo was 200k).
My condo is worth 325k today and is in a super nice upper scale area. Even though my ROI wouldn't have been the best... I REALLY regret selling my condo recently and wish I had done BRRRR with it instead!!
This shows what the numbers would have looked like if I had kept my condo and simply rented it out:
https://www.biggerpockets.com/... CoC ROI 4.8%)… that is awful!! How can it be possible that the ROI is this bloody low!!?? Did I enter the numbers correctly?
I'm basically trying to figure out, using the BP renter calculator tool, what my ROI would have been if had leveraged my condo using a refi (for 165k) while renting it out in order to acquire additional properties… I'm having trouble with the BP renter calculator…. because that calculator doesn't give option to specify what ROI looks like when leveraging the property with REFI…. Hope I'm making sense…. I'm having trouble figuring out what numbers exactly do I enter into that calculator....
Sorry for my long post. Thanks so much in advance!!