[Calc Review] Help me analyze this deal
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Can someone look at this BRRRR report and let me know if I am filling it out correctly? Or tell me how to? Whenever Brandon does his webinar's on BRRRR's, he goes straight to purchasing through a loan. He never does it with the initial purchase using a Line of Credit. Here is how we are set up.
1. We have an equity Line of Credit of $115,000 at 4.75% with our bank.
2. Purchase price is $60,000 - we will use our LOC.
3. Rehab cost is $50,000
4. Rehab time is 8 mos.
5. Taxes are $125/mo
6. Insurance is $100/mo
7. Refinance for $110,000 at 4.5% for 30 yrs.
I just want to be sure I'm using the calculator correctly. Thank you!