Looking to refinancing my flip into a Rental
Hi all, My name is Lundy. I just finished a flip and would love to hold it in my rental portfolio. I used investors 95K to purchase and renovate this home. Its a 3/2 1482 sq. ft. im looking to refinance the house and get my investors money out so I can use it for the next project while adding the current project to my rental portfolio. With the proper financing, these # look sweet.. I have 100K into the project. its value is about 138K. it will rent for 1100 per month. with all (even management fees) of bigger pockets expenses, it will cash flow about 71.93 per month. I will be managing this property. with a 30 year loan at 6.5% cash on cash is 24.66%. thats why i really would love to keep it in my rental portfolio. If your interested in helping me keep this property or have any suggestions, please reach out to me.
HERE IS THE ANALYSIS:
http://www.biggerpockets.com/buy_and_hold_results/57266.pdf?c=1436548761