Updated over 4 years ago on . Most recent reply
Cash out Refi numbers
Can you help me understand what a cashout refi would look like here and how to think it through?
This is a house hack property where Id be living in it building out the basement and renting the upstairs for $2,300 while doing so, then a roommate when the bottom is finished. Im getting a traditional mortgage instead of hard money straight off the bat so I don't have the pressure of a high interest loan, I'll be using a primary residence mortgage and generally want a back up if I cant cashout refi for some reason.
Purchase price: $515,000
10% down= $51,500
Loan= $468,135
Rehab = $35,000
ARV (estimate) 600,000-625,000. Lets go with 615,000
How does the rest look to you and why? Here is where I think I might be going astray. The BURR calculator didn't help me learn the analysis and I couldn't understand if I would indeed be able to take any money out or end up with over 100000 of my money in the deal (which I do not want).
Thanks!