All Forum Posts by: Aaron Bashore

@Jimmy Shin I don't know how many properties you have but at that price point the tenants should be very easy to manage. I would recommend using a virtual assistant to manage it yourself. I own five rentals in Memphis and that's what I do. It costs $75 per month per unit and the VA knows the market and the business. Write me if you want more info.

@Curtis Fuentes

Hey Curtis. I had this problem in Memphis TN and Toledo OH so I started using a VA (wakalainvest.com). That turned my 14 properties from cash negative to positive. I think the only way you can make money using PM's with SFH is through appreciation.

Let me know if you want to know more about how to use a VA for out of state investments.

@Mike Mocek thanks Mike! We just bought our 9th property in Toledo in the last two years. I am always looking for people who can give me info about your fair city’s RE landscape. Keep it coming!

Thank you to everyone for replying. 

For Jim and @Doran Summers, I bought the deplex with cash so I don’t need a second mortgage nor do I have a loan to pay off. 

@kerry baird, I will contact some of those banks. 

Hey everyone. I bought a duplex with cash in Memphis for $78k and spent $13k to fix it up. It rents for $1,400 total. I would like to pull out my cash and do a BRRR in Toledo.

I have been told by my lender that I need to wait 6 months to do a cash out refinance. That would require me to wait another 4 months to get into my next deal. 

Does anyone have some advice? Could I or should I do a HELOC on an investment property?

Thanks Jeff for helping out! (Jeff is my partner) Address is 3769/3771 Ironwood in Memphis. 

Investment Info:

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

Purchase price: $78,000
Cash invested: $13,000

Duplex with 2 bedroom apartments