Need help on one deal - BRRRR

[Alon A.]

Hey guys

I finished remodeling and im in a re finance process now, im already holding house 3 months for seasoning time.

Im doing the BRRRR, the money i put down for this property is around 40K (for title and hard money expanses)

i have equity in property.

I have already also renter that pays $2400

My hard money landing pay off is 226K.

Property appraised at 345K.

Re finance cash out is 80% so its 276K. Closing costs will be around 20K

it means that i can take around 30-35K to my pocket, but rate will be around 9% for mortgage. it means monthly payment of $2300-2400.

On the other hand my re finance lender can give me loan of rate and term of 7.75% payment of $1981 monthly and cash flow $419 per month.

My question is :  I should break even and take the money or have cashflow in property and pay less mortgage .