Cash out refi details to share.

[Aaron Boatman]

I welcome other opinions and criticism when I make a move so here we go.  My current move is take cash out against a property I own outright so I have buying power hunting for my 3rd this Fall.    

Details on refi: Zillow value $200,000, Condo, Cash Out LTV 60/40 gives me $120K @ 3.5% 30years, P/I = $490ish. Property makes about $2-2300/month gross consistently over the past year on airbnb. With this refi my payment will be about $1000/month with utilities. Credit 790.

Trying to use this BRRR method
History: I'm a full-time W2 guy who has started over the past 4 years buying investment rentals at auction or in a depressed state, rehabbing them and putting them on Airbnb.  Ive had success buying them with cash and negotiating a below market deal.  I had 3, sold 1 over the past year that was more work than pleasure. The remaining (2) of my rentals are currently Airbnb's that I own outright.    

Im happy with the goal of buying 1 property every year or so.  Goal is to have 8-10 when I retire, that I can manage and maintain in addition to my retirement.