Buy Cash Refi Repeat

[Account Closed]

I have some cash saved up, and want to put it to work and buy up a portfolio of properties. I own 9 units so far that I purchased traditionally- but now I want to try and scale fast. I would like to buy cash at 70% LTV then refi out when I lease out the property, then repeat!

Any tips on this process? Thanks guys! 50 units is the goal! 

[Kyle McCorkel]

Benjamin Maciel
Good luck finding deals at 70% of ARV that don’t need any work...I would start to grow your network of contractors because you will most likely need to be rehabbing in order to find deals allowing you to refi all your capital. Deals that “don’t need any work” will need $10k in misc repairs/rehab.

Also if you buy “below market value” and don’t do any work on the property, guess what the appraiser is going to value your property at? The exact price you paid for it. I’m not saying it’s right, but it’s probably what will happen. I speak from experience...

But anyways if you do find the deals, you will want to find a portfolio lender. They are a needle in a haystack but oh boy if you find them they are awesome! I have a local lender that does 80% LTV, no seasoning, 30 year amortization, lends to LLCs, and at a competitive interest rate. Game changer!