Cash Out Refinance + Buy & Hold - Washington, DC (LeDroit Park)

[Antwoine McCoy]

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Washington.

Purchase price: $595,000

2 unit building (1-3BDR/2BA & 1-1BDR/1BA). The cash out re-fi was at a 75% LTV and allowed us to pull out $145K. So the new baseline was a $597K mortgage on an asset ( 2 unit) with an appraised value of $853K. We secured an investment interest rate of 4.875% and our PITI was $3,836 ($3,161 P&I and $675 Taxes+Insurance). At the time our monthly rental income was $5,034, leaving a monthly cashflow of $1,198 ($599 per door) before payment of utility and repair expenses.

How did you find this deal and how did you negotiate it?

Refinanced a property I already owned

How did you finance this deal?

Conventional Investor rate financing

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Caliber Home Loans - The Simmons Team

[Antwoine McCoy]

@Jason Piccolo that re-fi was about 3 years ago.  Since then I have focused on working with existing landlords who are interested in the Housing Choice Voucher Program (HCVP) and helping them to locate tenants. I also assist the tenants in putting their best foot forward with landlords and making sure that they are knowledgeable of the ins and outs of the program.