Deal Diary #2 - Cash out refinance

[Sipo Thao]

Hey guys, Still a newbie but I just closed on 2 homes this week.

Property #2: Found through calling rental property landlords.  Finally got a yes after 2 days of calling.  It is a rich old lady who doesn't wanna deal with realtors and just wanted a cash buyer, it was fate!

I went over the same day to look at it, told her ill take it.  And a week later we closed.

============

Purchase Price: $45k

Rehab: $7k

ARV: $105k

Rents: $1000/month

============

This deal had to be purchased with all cash.  I called my local bank the same day of closing and let him know im buying a home, he offered a Cash-out Refinance.  The first time i heard of a COR was about 2 months ago on a podcast...did not know it was such a common term. 

He said they will give me a $52k lien on the property, 5% 20 year amort!! Which means I will have no money down in the deal!!  Im not here to brag, if you guys have any questions just pm me or post up.

Thank you BP for all the help!  I just wanna let you guys know that this really works!  I now have a 4 plex and 2 homes in under 6 months.  I have already met my goal of 5 units this year so I will raise the bar to 10 units this year, and 20 units next year.