Should I take a loan on my Rental? - South Florida

[Alexis Guini]

Hi BP community!

I have a rental property that has been paid in full and I want to try the BRRRR strategy.. Please let me know if you think this is a good strategy for my situation.

I bought this property for 40k a couple of years ago. The current market value of the property is between 90-100k. I want to refinance this property and take out the money to buy another rental property (or at least put a good down payment for one or two). Current rent is $1250 (2/2)

1. Have you done the BRRRR strategy in South Florida?

2. Do you have lenders that are familiar with the strategy here?

3. Can I refinance my property if it is under an LLC?

Thanks for your feedback!

[Perry Ivy]

Brian Mathews In 07 our area was booming and there was a general contractor on every corner, 08 came and they started dropping like flys. The gc I used was old and wise and lived within his means, however he told me that 15 of his leveraged friends went under and had to file. things are booming again and I'm getting stupid prices when I sale, heck I just saw a person post on the forum about needing a general contractor in Helena Ar!!! The person is an investor from New York!! I live in Arkansas and wouldn't invest in Helena!! Stupid investing is accelerating us toward the next crash. Taxes don't cause a foreclosure, they result in a tax lien, which can cause you to lose it in an auction at the courthouse, but I'm sure you know that :)