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Updated over 15 years ago,
To Sit Still or To Expand?
My business partner and I bought our first deal about 1.5 years ago. We had to rent it at a slight negative cash flow, with the rent paying for the mortgage payments, but not covering the tax payments totally. The renters have been fantastic, but are moving out of the country, so we need to fill the place again by August 15.
That's not the total point though. We have tried to refinance twice, and although we have good credit, the reason for not being able to do so was that we had not been landlords long enough: This was in February, at the 6 month mark since the house had been on the market (by us) 6 months previous.
We would like to refinance, pull out some equity in cash, and make our next investment, but are currently stuck because of no liquid cash, yet now is one of the best times to buy.
Any creative solutions you can think of? Or is now the best time to hold and be patient?