[Calc Review] Help me analyze this deal! Im new and need insight.

[Julian Butcher]

Hello!! 

My name is Julian and I'm pretty new to all of this so any insight would help! I've currently owned the property for a little over five years and want to deploy the equity that I have in the home into smaller multifamily investments to start my portfolio but I'm stuck like many others in analysis paralysis. We owe 190k on the property and we currently rent the home @ under market value because there are some renovations needed depending on where and how much value add I want to put into the property. I've had comps ran by a local realtor and she states that with some cap ex expenses of 15k I could get about 360-370k for the residence, she also believes that if I do 35k more in renovations like a new open concept kitchen, bathrooms, siding, landscaping and other important features on the home that we could shoot for 410-425k. What I cannot decide and am having a hard time calculating is whether the property is best to fix and flip or keep as a rental. How do I base these current numbers off of a loan that has already been refinanced and has gained appreciation? Also if I end up keeping the property as a rental and if the numbers make sense, what kind of creative financing options are out there? I would like to be able to find someone private that would lend the rehab costs of the project to bring it up to the highest value so that I could refinance the home and pull out the equity then? I don't see a point in using a HELOC or financing the rehab costs out of the equity now to only have to try and refinance the property again to access the equity to buy other properties. Am I missing something here? View report

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