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Updated over 3 years ago,
BRRRR Calculator-Can you finance the rehab costs?
The BRRRR calculator asks for rehab costs but it then under "Purchase Loan Details", it asks for "down payment of purchase price". Where can you actually finance the rehab price with the purchase price with a down payment of 20% for all costs?
These current #'s dont meet my qualifications at this point but im trying to figure out how to add the rehab costs for the aquisition(private money) loan.
$50,000PURCHASE PRICE
Purchase Closing Costs | $2,000.00 |
Estimated Repairs | $55,000.00 |
Total Project Cost | $107,000.00 |
After Repair Value | $135,000.00 |
Acquisition
Down Payment | $10,000.00 |
Loan Amount | $40,800.00 |
Loan Points/Fees | $800.00 |
Loan Interest Rate | 10.000% |
Monthly Interest | $340.00 |
Total Cash Needed At Purchase | $67,000.00 |
Refinance
Loan Amount | $115,000.00 |
Loan Fees | $7,000.00 |
Amortized Over | 25 years |
Loan Interest Rate | 6.000% |
Monthly P&I | $740.95 |
Total Cash Invested | $0.00 |
Financial Info
1.73%2% RULE$94,200.00TOTAL INITIAL EQUITY
2.25GROSS RENT MULTIPLIER
2.28 / 1.05DEBT COVERAGE RATIO