[Calc Review] Help me analyze this deal

[John Thompson]

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

Ok so I've been in research and education mode for about a year now and I think I'm at a point where I want to commit to finding my first deal in the next 6 months. I want my first deal to be a BRRR and I would like to do it with either private money or a hard money loan then re-fi after 6 months... I do not want to bring anything to the table but my hustle, work ethic and commitment. I found a property that could be a potential great deal, I ran my numbers through the BRRR calculator and the numbers look great HOWEVER, I would like a second opinion. I would like to make sure that I entered my numbers correctly and made all the right assumptions. I also would like advise on funding, all the BP videos preach on how available private money is but im a realist, Im new to this, never done a deal before. What is the reality that any Private money would come my way with no proven past success? Anyone else been where I have been and have some good pointers?

Im NOT asking for a mentor NOR am I asking for a partner in this post, just would like some opinions and direction

Thanks

John Thompson

[Junior Soares]

@John Thompson

When I personally loan hard money, I look for 10% minimum plus points. 4% will not attract anyone. Your expenses are also calculated a little on the end of the spectrum.

I also strongly suggest you bring some of your own money to the table so that you have some skin in the game. If you go at your first couple deals with your own money you will look more attractive to hard money lenders and they'll take you more seriously.

Try not to overleverage yourself although BP is all about leverage, I've seen too many people fold in a downmarket because of this. Keep a healthy LTV ratio on your portfolio and you'll do very well

Best of luck