I recommend everyone always create their own IRR calculator as they can get pretty complex and oyu will want to understand all the inputs and outputs. we provide a basic one to those in our membership group but I always recommend build your own and understand not only the numbers but sensitivity that lines up with those inputs.If you are hard money lending thats simple as its just a column of dates and amounts for loan provided and monthly interest and points.

Whether you can get $580k for a 2BR house there, I have no idea.By any chance, are you modeling your reno project to end up looking like this one: https://www.realtor.com/realestateandhomes-detail/244-Myrtle-Ave_Boonton_NJ_07005_M64709-02530

(Fuzzy math--would need to see the details, all the other disclaimers...)You can use a rental agreement to offset the payment of the home you are departing for underwriting purposes on the new purchase loan. 

Call the lender to confirm the details of the preapproval If your property is in good condition then steps 3 and 4 might be slight overkill but it will help weeding out bad buyersHope this helps and let me know if I can help more!

So, there's more than one way to create more cash flow than refinancing:-). 

Had I not scrutinized the details, I would have unknowingly paid more than I had agreed to.This experience was costly and frustrating, and I urge all potential borrowers to ask for a full breakdown of all fees and interest components before committing to any loan.

If you come to my with me on the retreat in April, I will explain every single detail of the process.

Thank you Peter for  taking the time to provide such detailed feedback.

Once you've found your target(s), how are you analyzing them knowing that your goal is to have it appreciate in value and create a little nest egg in 20 years when it's doubled in value and can be sold to pay your child's college tuition. 

Everyone is suffering because of the damage this company has created and continues to especially those who invested in properties.