[Calc Review] Help me analyze this deal!

[Lee Phapmixay]

View report

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

Hello everyone I am new to real estate investing and am looking to purchase my first Property!

I recently found out about a possible motivated seller from a Co worker, this person has

someone with medical issues and needs to sell at a discount ASAP! My co worker explained they may be willing to sell 

for 190k the property could potentially worth 240k according to zillow.

The property would rent for around 1500 a month on rental comps from craiglist for the area and I would be looking to buy and hold this property for passive income cash flow.

My idea was to try the BRRR strategy with a hard money loan at a low down payment or none at all so I wouldn't have to pull too much money out of pocket Since there would be good equity off the get go.

 should I go a different route in terms of financing? 

NOTE -( I Have around 15k cash to play with and 20k in home equity I could tap into, my home is currently financed with an FHA loan)- . 

My numbers ran through the  BRRR calculator are as accurate as I could get them, although being new to this

I may have missed something. Any help or advice would be much appreciated!

[Tyler Thompson]

$1500 in rent per month on a $190k property will be pretty tight after including vacancy rates and cap ex... not to mention after you refinance, won't it really be considered a 240k property? Am I missing something?

I have one property and I'm pretty new to this, but I do enjoy analyzing deals! I'll be interested to see what the experts have to say here!