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.
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