All Forum Posts by: Philip Robbins

Looking for recommendations for investor-friendly contractors in North Carolina, specifically in the Charlotte, Greensboro, or Raleigh areas. Any recommendations are greatly appreciated. Thank you!

Looking for recommendations for investor-friendly contractors in North Carolina, specifically in the Charlotte, Greensboro, or Raleigh areas. Any recommendations are greatly appreciated. Thank you!

@Michael Porche I'm currently looking at a few different cities in NC. I'm going to keep plugging away at the bigger pockets calculators but I'd still be very interested in taking a look at yours if you're willing. Are your spreadsheets geared towards STRs? Thanks!

Hello,

I'm wondering if someone out there would be willing to help a newbie investor out with understanding how to use the BRRR calculator. I'm trying to take David Greene's advice and analyze multiple properties a day, but I'm quite certain I'm not understanding or using the calculator correctly. A sample report I ran is linked at the bottom of this post. The numbers used are just from a property on Redfin that was in my price range I used for practice and the lender terms are just terms I selected from one of my potential hard money lenders. My questions are:

1. I'm planning on using a hard money lender. How do I account for this in the calculator correctly? If my lender finances 80% of the purchase price of this home, and 100% of the repair cost, the loan I'd take out would be $65,250. However, you'll see in the report that the loan amount is $44,000 because the calculator just took the purchase of the home, and subtracted the 20% down payment. I entered the repair costs in the field for them in the calculator, but it seems it's assuming I'm paying cash to repair the home. The loan amount also skews the monthly payments accordingly. 

2. What numbers is the calculator using to get the "total cash needed at purchase"?

Thanks for the help!

View report

*This link comes directly from our calculators, based on information input by the member who posted.