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Updated almost 2 years ago on . Most recent reply
Strategy buying next house
Ok I need some directiom here...advice...
So I purchased a Farmhouse for 75,000 to rehab...we paid cash for it so no loans!
It will be done here soon mid April beginning of May. We are using the BRRRR strategy. We will do a cashout refi.
In the meantime I found another home to rehab we are the contractors we do all the work. Its a really good deal less then 75,000 I've ran all the number's using the goldan rule ect....what is the best way to purchase this next investment proper? I will double my money when I do a cash out refi.....but I don't want to wait until the Farm house is done because that was the strategy I was going to use once I do the cash out refi but i really wanna scoop this next investment property up!!
what strategy is the best approach. I also, do not want to take out a 2nd mortgage on my current house want to leave it completely out of the equation. The chances of getting a hard lender against the Farm house is slim since its not remodeled and done and there is no appraisal on it...I only need like 30,000. Once this house is done will do same thing do a cash out refi....but in meantime I want to secure this house!!
What's best strategy or best way to go about this?
Thank you