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Updated over 6 years ago,

User Stats

23
Posts
12
Votes
David E.
  • USA
12
Votes |
23
Posts

Strategy for a BRRRR from equity of existing rental ?

David E.
  • USA
Posted

I have 4 existing properties and I would like to learn how to use leverage to buy more BRRRR Properties.

Property 1).   5 Acres of land in the country, with mobile home, primary residence.  Worth $25,000 (Land Only) PAID OFF

Property 2).  1.5 Acres of land in the city, Worth $20,000.   PAID OFF - Renting $200 a month

Property 3).     .5 Acres of land with 3 Bed/2Bath brick house, Small Bank Business Loan. Worth $115,000,  Owe $42,000 - Renting $750 a month

Property 4).     .5 Acres of Land with 3 Bed/2Bath brick house, Conventional Loan,  Worth $115,000 Owe $92,000 - Renting $750 a month

I would like to buy another property but I don't currently have the 20% needed.   I would like to buy more property to hold.  I am also worried about the debt to ratio issue.

I was thinking about starting an LLC and refinancing Property 3., Thinking they will not look at my personal credit.

On my Personal credit side, I have about a 680, with about $3 in savings.

Just looking for advice on how I could fund some flips for Fix Up Rentals for a positive cash flow.

Thanks in advance.