All Forum Posts by: Amanda Glendenning

Thanks Andrew

Scenario:

Single-family home purchased for 49K.  

Rehab: 25k

If we sell for 95k and want to 1031 exchange does the next property have to be more than selling price or does it simply have to be more than original purchase price? 

Thanks 

My husband and I have been in the STR business since 2013. We are now transitioning to long term rentals using primarily the BRRR method with our oldest son. I have read in a few places that we can only finance up to 10 properties. #1 is this true? If we have the 20% down does it really matter how many long term rentals we have we have financed? If it is true, what is the hack? Meaning, how do we get around this? Any advise or direction would be appreciated.

Thanks,

Amanda 

 It’s not that they wont give us the money - Its simply that they only offer a few options and I wanted to see what else may be out there. They did offer a cash out refi at 7.75% today so we may run with that.

We own a STR business in MO. We have 15 STR with two completely free and clear. I would like advice on which loan product would work best in the situation described below:

We want to use the equity in one of our paid off STR's to add value to another, specifically we are currently building a pool and hot tub. Originally, we planned to use cash for this project, but now feel we should keep ahold of some of our cash and use the equity in one of our properties to finance the remainder of the project. We have never ventured outside of bank loan products and are simply curious what's out there. Specifically, does anyone offer fixed rates on home equity loans or have any good ideas? To finish the project we will need approximately 250k. This is about 60% of the appraised value of the home we would like to pull equity out of. Again, this home is paid off.

Thanks, 

Amanda 

Ok, I need help understanding how BRRR works in this scenario. We recently purchased a distressed 2 br 1 bath home for 48,500.00 and rehab costs will be roughly 20k. The A.R.V is estimated to be 100,000.00 based on comps in the area. lf i cash out refinance 80K based on the A.R.V. then this property will not cash flow. I know it's considered a BRRR success to pull out more than you put in, but if pulling out results in negative cash flow how is that a good thing? What am I missing?