New investor financing strategy help.

[Lev D.]

Hi, this topic may have been covered before, but I wanted to get an opinion on this. I'm a brand new investor based out of NYC, looking for advice/opinion.

I'm currently under contract for a single family home in Birmingham, AL. Buying property for $33K, and looking to turn it into a cash-flow section 8 property ($700 monthly rent). House was appraised at $65K in October 2020. Ultimately I'd like to refinance the property, but not sure if I can find a local lender and build a relationship without physically being there.

My back-up plan and what I'm leaning towards is refinancing my NY co-op which I own out right (primary residence) - similar units sold at $195K and I've contacted a local credit union and confirmed that they can refinance 80% of the home value at 3.25%. That will give me a decent amount of cash flow to expand my out-of-state operation.

Should I pursue refinancing the B'Ham house with a local lender? Or simply refinance my current place and have about 150K to play around with?

Thoughts/opinions are welcome.