Practicing Analyzing Deals

[Samantha N.]

This is probably a silly newbie question, but here goes:

I'm trying to take the advice of many investors out there and practice analyzing some deals as I am looking to get into my first actual deal in 6-8 months (multifamily). I have access to some spreadsheets and I have watched various webinars. I'm trying to practice using some deals posted on Loopnet or MLS.

I have no issue with understanding the math (CoC, IRR, etc).

My problem is when the spreadsheet gets to "just punch in your loan rate at 5%" - how would I know how my loan rate would come through without actually going to the bank or a private lender and getting a loan?

Or "punch in renovation costs here" - how can I know what to put in as that number without actually seeing the property, and not having lived through a larger scale renovation yet? Obviously this number would hugely affect my deal. I can make up almost any numbers at this point to make a deal look good on my spreadsheet.

I really want to practice this and get it down so that in a few months when I'm ready to buy, it doesn't take me forever to make a move. Does anyone know what I'm talking about, or have any advice?