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I’m trying to buy, a little fix up, and hold for income property, I will meet with owner on Friday. This is my first deal and I’m searching for the best way to structure the deal.How to calculate financing has given me some clarity. Any help would be greatly appreciated. Thank you so much for the tutorial.
Hi Mr. Martin,
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Whats the best way to use RV to create a marketing piece looking for private money looking to refinance an existing first position loan on a rental I own?
Existing loan $68
Rents for $1150
3/2/2, 1650 SQFT, Built 1979
Many upgrades – new roof, new HVAC, new electric panel, lighting, flooring, bath surrounds
Long term tenant, 5+ years
Looking to replace existing $68K loan with a 20 year amortizing loan around X%.
Thanks for your help…Pat
Rehab Valuator is set up to model short-term (2 years or less) interest only financing. It cannot model an amortized mortgage up front which is what shows in the reports. FYI – We are working on expanding the financing capabilities of the program and should be rolling out updates for that this year.
I need option that states how many months I will pay for a short term interest for, because the report only shows full yr. without the refinance which just looks ridiculous.
Also adding an option for monthly interest would be helpful as my lender charges monthly, before i refinance.
I wasted a lot time on this to find out it wont work cause of something so stupid. its like you never tried using it yourself and you calculate 10% annual interest for all 12 months, comon guy Just having an extra line of how many month before expecting new loan would solve this.
The only thing I can say is that you’re not using it correctly. The program absolutely calculates interest on a monthly basis. Under Step (2) you set the months to Rehab and then under the Exit Strategy you set the months to sell/refi and the combination of those is the duration of the loan. Then, if you enter in an interest rate in Step (3) it will use that APR to calculate the interest-only payment for the months you specified.
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