Trying to evaluate an investment sfh rehab. Initially wanted to flip however might be a good Brrrr property, cheap, needs rehab, out of state, and extremely confused over Brrrr calculator. If I could trade a favor for anyone who can help me analyze this property, I would be eternally grateful. I have some experience, but lack due diligence and proper analysis because I cant do math and have zero patience with numbers. Zero. More like less than zero. I just want to fix up houses, I loathe the math. Detest the math. I hate math. Plus I'm terrible at filling out forms. Can anyone help me? Just this once? To use the Brrrr calculator for this one property? I tried but it says my monthly expenses are over $9000. I don't get it.
Post up your basics on here. You need to know: purchase price, rehab costs, value after rehab (reasonable, based on good comps), reasonable rent achievable on the property, insurance & property taxes, HOA fees, age of house (for capex/maintenance estimates). That will give you a guidepost of how much cash flow you would have on the house if you bought it for cash. Take that number and subtract your holding costs (mortage principal & interest, closing costs, PMI, etc), and you can then figure out if it's a good flip or hold candidate or if you should walk away entirely.
Aside from that, if you really hate numbers, you should either just work for/with someone else fixing up houses that is good with numbers, or should invest through some kind of partnership - real estate trust, RE type mutual funds, etc - because flipping or buy & hold is almost nothing but numbers. Granite counters, the right location, 3 bathrooms and all that other crap are just influences on numbers both positive and negative. If you can't/won't do math, you are setting yourself up for massive risk and would probably be better served working within this industry in some capacity - for example, as a General Contractor, architect, interior designer, etc. There are ways of fixing up houses that don't involve the investment part of things.
Create Lasting Wealth Through Real Estate
Join the millions of people achieving financial freedom through the power of real estate investing