All Forum Posts by: Account Closed

@Nathan Trunfio Let me know if this is right so, after yoy refinanced you payed off your old loan, down payment, and rehab and now your left with extra cash and the old capital you put into the house (Down & Rehab) now you take this to complete the final R (Repeat) and to pay off the new loan you want to have the rent high enough to pay off the new loan while having cash flow?

@Kenneth Garrett Ok, thankyou so much!

@Kenneth Garrett Thankyou I’ll be checking out that book but, I still have a hard time understanding what happens after the refinancing process cause your taking out a new loan to pay off you old loan, down payment, and repairs so, how does strategy go on from here.

Ex.

Buy: $200K

Down: $40K or 20%

Rehab: $23K

Rent: $2,500/Mo

Refinance: $325K*80% = $260K

$260K - $160K = $100K - $40K -$23K = $37K

I know that we’re left with $37K plus we took up all capitals tied with the house out now but Dont we have to pay that loan of $260K?

@Bryan Noth Ok, I’ll be checking it out. And thankyou very much again!

@Bryan Noth Ok, I get it now. Thankyou very much!

@Bryan Noth Sorry I’m a little confuse with this so, I have to pay it back?

@Bryan Noth Great. But since you pulled out $150K do you have to pay that back?

Hi, I'm trying to understand the BRRRR more in depth and I have questions.

1.) Do I have to go all in and pay off the house at once or can I down 20% on the house and slowly pay it off every month with the cash flow from renting the property.

2.) Wouldn’t I still owe money on the house after refinancing? Cause if I’m doing a cash-out-refinancing wouldn’t I take out a new loan to pay off the old loan? So wouldn’t that leave me to pay off the new loan?

@Bryan Noth Thankyou for letting me know and I also have another question with this strategy to I have to pay off the whole house at once to use this strategy or can I down payment 20% and slowly pay it off with the cash flow from renting?

Hi, I'm just trying to understand the BRRRR when refinancing your house, which type of refinancing would I choose for this strategy?Would it be the cash-our-refinance?