[Calc Review] Help me analyze this deal

[Yeong Kim]

Hello All,

This is my first real estate investment. I am in the Army and utilized the VA home loan obtain this home. The home was purchased on Oct 2021 and I have been strategically rehabbing my home to save as much as possible by hiring professionals to perform larger/skilled work like HVAC, masonry, and window replacements and doing all of the cosmetic work by myself. This was my only option because my initial capital was(and still is) embarrassingly low.

My goal is to BRRRR. I have shopped around three different lenders and found what I believe is the best offer I could get. I would love to do a cash out refinance now in order to reinvest it into another property but if I did that, my monthly cashflow would be a negative number. $2200 is the median rent around my area for a 3bed 1.5bath. Should I hold off on refinancing/investing for a year or two to build more capital and then try again? Should I go through with the refinance now and try to use private/hard money lenders to fund my next real estate investment? Should I sell my home now and eat the capital gains tax because I have very little capital now? Any advise will be much appreciated.

View report

*This link comes directly from our calculators, based on information input by the member who posted.