All Forum Posts by: Dennis Byrne

@Reginald Ross That's all great stuff!  Thanks for your response!

@Matthew 

@Matthew Myers It was just a quick mention somewhere in that podcast I posted above. The problem in this situation was a good one to have. In her case, she under estimated how much the property's ARV would be so when she went to pull money out it was more than what the rent would cover and still allow her to reach her cash flow goal. So, she just left some equity in the house to make sure she still hit her goal.

@Matthew Meyers, I believe it was this one. 

Thanks Brian Van Pelt, and Ron Brady for the insight!  I actually listened to a podcast this morning that was coincidentally about my exact question.  So basically, yes, if you do really well on the forced appreciation you may not be able to pull the entire 75-80% out.  

Thanks!

I feel like I'm missing something regarding how to retain positive cash flow after the Refinance part of BRRRR. Say you buy a property and after your all in costs for purchase, rehab, etc, it cash flows a few hundred dollars per month. If I did everything right the property is worth substantially more. Now when I do a 75% LTV cash out refi on the new value of the property my mortgage payment is obviously much higher than the original payment, which takes away my positive cash flow... Am I missing something or is the answer as simple as I can only cash out as much as the rent/positive cash flow allows?

@Crystal Smith I agree, keeping a balance makes sense!  Thanks!

@Brandon Rouer That sounds like a great deal!  Good luck!

@Steve Pickenpaugh I got it through Huntington Bank. I got 3.18% for up to 80%LTV or 3.79% for up to 90%LTV. No closing costs, $50 annual fee. It was the best I was able to find.

@Alex Olson Thanks for the input!  Luckily for me, my wife is very disciplined when it comes to our finances...so no sports car for me!  Ha!  

Thanks!

@John Warren Thanks for you advice!  I'm glad to hear about how you got started and that makes me feel better about going that route!  I looked you up and I've saved your info in my phone.  I'm going to sit back and see how things go with this crisis that we're in now, but maybe I'll reach out to you if I decide I'm going to pursue investments around here.  

Stay healthy!