Hey everyone, please help!

[Kevin Rhoden]

Hello everyone, I recently bought a one bedroom co-op in Yonkers New York for a 109k with 825 sq ft. When I purchased it there was a very elderly couple living here so the appliances and the overall style and setup were very old fashioned. I replaced all of the appliances with brand new stainless steel Samsung stove, refrigerator, dishwasher and mounted microwave. I was also thinking about either redoing the kitchen countertops or the bathroom reason being because I start investing into MFH or multi unit buildings and I was hoping to take the equity out after I do all of this stuff so I can have the money to do it. I’m looking for feedback on whether this is a good idea or not, or if someone has a better idea? Oh and if someone can explain to me what note investing is? And what is the BRRRR strategy?

[Morris Cohen]

you would have to check with the co-op board to see: 1) if they will allow you to rent it out 2) if so for how long (some co-ops only allow you to rent it 2 out of every 5 years) and 3) if they will allow you to do a cash out refinance. The co-op has the ability to decline your refinance even if the bank approves you for the loan if they don't think it's in their best interest. Also, keep in mind most lenders don't lend on investment co-ops, so your likely going to be stuck at around a 60% loan to value and a higher than average rate. It's possible, but it may be an uphill battle to try and get a significant amount of equity out.