Newbie rental property investor from NY investing in Baltimore, Md
So glad to join this community of amazing people! I am an interior condo/house renovation contractor from NY transitioning to a rental property investor. I couldn't afford to invest in my own hometown, so decided to invest out of state in particular, Baltimore, MD. Steps from Johns Hopkins University, I bought a 4 unit townhouse (former frat house). Currently renovating the entire building from 4 hours drive away! It has been a real investor learning curve for me as I struggle to get to the light at the end of the tunnel and finally rent it out. Funding the whole project myself thus far, but money is quickly running out. I will probably need to refinance to a higher rate mortgage or get another loan to finish. What do you think? Currently have $2100 30yr mortgage @ 5.375%. I owe $240,000. Worth $500,000. 730 credit score. Likely rental income 3 of the 4 units at $6,500. Would like to borrow $75,000 - $100,000 cash out. Just received a quote -Dscr loan @ 7.3%.