All Forum Posts by: Daniel Somers

Thanks for the info. I have a few local banks that I will try and pitch my plan too. I appreciate the responses!

I had a question I was hoping someone could answer. I live in small town, and I recently purchased a duplex that cash flows great, but I would love to do a cash-out refi so I can pull that money out and invest in a new rental. The only problem is I spoke with my bank and they said that in order to refi I would have to get an appraisal that is based of comps in my area. Which being from a small town, duplexes don't sell or go on the market too often. Do I look for another bank that will refi based of ARV? Or what other options do I have besides using comps in my area if any?

Hello everyone!  My name is Daniel Somers, I'm 25 years old, and I'm from Tiffin, OH. I'm a pretty new investor, and I currently own one duplex and I am house hacking my own house. I live in a small town with a population of about 18,000+. I currently am a full time employee and would love to get out of the corporate world someday. I've been on BiggerPockets for a little while now but this is my first introduction.