Wouldn't that cost about $5,000 to get to that money?
Yes! Maybe a bit less, but yes.
The refi till you die folks never seem to mention it costs them 40% of the cash they get out to get it out. "I'm pulling out $10k to fund my next DP. This really works!" Too bad it costed $4k and a ton of pain and suffering to get the $10k.
Save and grow organically. Build true wealth for yourself, not the bank!
You seem to be off to a great start. Have you considered doing a cash out refi?
I think Brandon coined the term BRRRR. I believe it stands for Buy, Rent, Rehab, Refi, Repeat. If you can take the equity out to reinvest in your next property, you don't have your cash locked in on a single property. At least this is may understanding.
Wouldn't that cost about $5,000 to get to that money?
Yes! Maybe a bit less, but yes.
The refi till you die folks never seem to mention it costs them 40% of the cash they get out to get it out. "I'm pulling out $10k to fund my next DP. This really works!" Too bad it costed $4k and a ton of pain and suffering to get the $10k.
Save and grow organically. Build true wealth for yourself, not the bank!
Developer · Cleveland / Akron, OH · Member since 2008 · 922 posts · 399 votes
9y
Steve S. How do you reduce the downpayment to decrease upfront costs?
There are two answers that immediately come to mind, either call many different lenders until you find one that will only require 20% down on an investment property or partner with an equity partner to decrease your cash required.