All Forum Posts by: Richard Coyne

Eric - thanks for the response.

The title of the posting may mask the intent of the post. 

The question Tyler and I are asking is "which BP calculator is the right calculator? for a 203K? and did we enter the values correctly?

Thank you!

Richard

Hello all!

Richard Coyne here – I joined recently..

BP is AWESOME!

I stumbled around a bit trying to figure this RE investing thing out.  

I found my way to my local REIA. A REIA friend told me about BP!

 I wish I had found BP years ago but I guess back then my mindset was not on RE investing!

So now I have BP and I'm marching forward! My first buy and hold SFH is under contract - fingers crossed! I am also interested in multifamily!

I'd love to connect with any BP members whether local or not so local!

Invest on!

Cheers,

Richard

I have a similar question!  

Bring a new person on BP, I checked the forums before posting and I found this (unanswered) question so I am piling on!

I have a house under contract that I intend to buy and hold and rent out.  (I am going to use example numbers).   I am looking at a 203k loan.

Purchase 80k, work required 20k.

The loan may be attractive enough to not require a refi so I guessed I should not use the BRRRR calculator. (and the purchase and rehab are in 1 loan).

I will probably still do a cash out refi or a heloc to free up cash as I am having to put 25% (investment property, not primary) down on the purchase.

I figured I should used the rental property calculator.  So 

'purchase price' = 100k

'Rehab cost'= $1

'Down payment (25%) = 25k

Loan amount = 75k

Is this that correct BP calculator to use?

Is this the correct way to represent that purchase price, rehab cost and loan amount?  Will it return that correct Cash on Cash return and cash flow?

Thank you!