Property Information   Expense Information  
Address: DR Horton New Homes  
After Rehab Value: $118,000 Management Fee (%): 0.00%
Purchase Price: $110,000 Annual Maintenance:  $                              -  
Estimated Rehab costs: $0 Vacancy Rate: 0%
Seller Contribution:[1] $3,400.00 Pest Control  $                              -  
Realtor Contribution: $4,000.00    
Base Costs[2] $102,600
Estimated spread after rehab $15,400 Refi Information  
Spread %:[3] 86.95%  
    Initial Purchase Price Rectangular Callout: The Amount of Cash Left Invested after Refi
 $                              -  
Yearly Taxes:[4] $3,200 Current Debt  $                              -  
Yearly HOA:[5] $250 Current Equity 0%
Yearly Rental Insurance:[6] $900 Target Equity 0%
Monthly Lease Amount:[7] $1,195 Equity Cash Out  $                              -  
Target Appreciation:[8] 50% Initial Investment  $                              -  
Target Sale Price: $177,000 Cash Invested After Refi $0.00
Financing Options   Prin.+Int. Int. Only Deferred Int.  
           
% Down Payment 10% $11,000 $11,000 $11,000  
1st Mortgage Amnt   $88,000 $88,000 $88,000  
Interest Rate   8.125% 7.750% 2.000% 7.90% <-- Annual Rate
Term (years)   30 10 40  
Monthly Payment   $653.40 $568.33 $266.49 $605.28
           
           
2nd Mortgage Amnt    $                 11,000.00  $                 11,000.00  $                   11,000.00  
Interest Rate   10.0000% 10.0000% 10.0000%  
Term          
Monthly Payment   $91.67 $91.67 $91.67  
Total Payment   $745.06 $660.00 $358.15  
Closing Costs Estimate---> Prin. + Int. Int. Only Deferred Int. Cash Purchase
Origination Fee %: Enter % 1.0% 1.0% 1.0%  
Origination Fees: Auto Fill $880 $880 $880  
Other Title Costs: Escrow fee, etc. $350 $350 $350 $350
Title Policy -Owner: includes mortgage policy if needed $225[9] $225[10] $225[11] $0
Doc & Closing Costs: depends on lender $1,250 $1,250 $500 $250
Mortgage Insurance: .7% Mtg if DP>10%, .9% Mtg if DP<10% $0.00 $0.00 $0.00  
Survey, Appraisal & Inspection:[12] 375, 400, 200 $775 [13] $775 [14] $775 [15] $375
Totals   $3,480 $3,480 $2,730 $975
[1]
Travis Foote:
Paid at closing
[2]
Defined as Purchase Price and Rehab Costs.
[3]
Defined as Base Costs divided by After Rehab Value.  Excludes variable costs such as borrowing costs, utilities, insurance, etc.
[4]
From Property Info.com
[5]
From PropertyInfo.com
[6]
@ 1.14% of Sale Price.  Must add flood insurance if in flood zone.
[7]
1% of After Rehab Value or based on comps.
[8]
Travis Foote:
Target Appreciation of Property Value
[9]
Assumes Seller pays Owners policy.  Only need to pay for mortgage policy.
[10]
Because refi must pay for new owners policy minus disc. Plus mort. policy
[11]
Assumes seller pays for owners policy.  Only need mortgage policy.
[12]
Appraisal & Survey needed for any type of borrowing.  Inspection is buyer choice, I don't normally do one.  Don't need any if buying cash but would advise survey.
[13]
No Inspection
[14]
Only need Appraisal, already paid for survey.
[15]
No Inspection