Novice seeks advice!

[Ryan Matthes]

Hey everyone my name is Ryan. I had a quick question regarding building an income property portfolio.

My grandparents passed away and their single family home is fully furnished and unoccupied. It's been sitting for a while so it definitely needs some love. The house is paid off so my mom and my aunt and myself own it out right. I want to use the BRRRR method to use our existing equity to roll in to new income properties to start building a portfolio.

Is this the best way to approach this situation? What should we look to do first to get the house to a place so it can be rented and reappraised? Any other suggestions would be amazing, thank you.

Ryan

[Jerry Padilla]

@Ryan Matthes

Maybe a home improvement loan or personal loan to get in up and running. Then do a cash out refinance to pull the equity out, pay back the loan and have funds for the next purchase. A cash out refinance requires an LTV of 75% for a SFR investment property.