[Calc Review] Help me analyze this deal
*This link comes directly from our calculators, based on information input by the member who posted.
Hola everybody! Parden my noob understanding of the site calculators. I just signed up and have been taking in as much bigger pocket knowledge I can but I was hoping I could get some help or advise from the community.
I currently own a property that I have been using as my primary residence up until now. I'm trying to run the numbers through the BRRRR calculator (possibly the wrong calculator for my needs) to see if it's worth turning into my first rental property or if I should just sell it and put my equity towards a different property. Not sure if I'm entering the info in correctly though. I currently owe approx. $183k on a second mortgage on the property. House was appraised at that time of approval last year for $550k.
I'm wondering it seems financially feasible to turn it into a rental and pull the maximum amount out on the refi to apply towards other properties. Just not sure where I'm going wrong. Seems like I entered info into the calculator wrong.
Any input greatly appreciated!