All Forum Posts by: Ethan Kramer

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $70,000
Cash invested: $70,000

Generating a monthly rental income of $1,250.

Not sure if it is just my luck but every mortgage broker I've talked to so far seems very dense headed and struggles to understand the concept of BRRRR or at least how real estate investment works. Would anyone be kind enough to refer me to an investor-friendly mortgage broker that is responsive, likes to move things quickly, understands how real estate investment works, and is versatile in offering loan options? Currently trying to do a cash-out refinance on my first rental property to purchase 2 more rental properties.

Share, I’ll PM you this evening. Be in touch soon!

I'm from Maryland and have a rental property in Baltimore. I go to South Florida at least 6 times a year and am looking to invest in a rental property down there, somewhere between Jupiter and FLL. Would someone be able to refer me to an investor-friendly agent?

Looking at buying land and building several prefabricated/ranch houses.

Would you kindly refer me to the small bank you used? I'm still having difficulty locating a bank that at least understands the concept of BRRRR

Nice, Matt, that sounds like a good deal. I will begin exploring small banks soon.

I will talk to a local lender to make sure I understand everything clearly for sure. I have $76k equity in my investment property (bought with cash, no mortgage) and about $140k equity in my primary residence home.

Thanks, Marcello for the super helpful response. I'll definitely look into securing a HELOC instead of refinancing. I want to make sure I understand what you mean by "To be sure the HELOC is a temporary position that you must have a exit for this method to work." Is it not possible for the HELOC to be "paid" by the tenant through rentals and have the HELOC eventually close in 30 years? Is this not a good idea? Again, thank you for your response!

I am ready to refinance my first investment property and use the fund to obtain 2 or 3 more properties. I finally came across a lender willing to refinance 75% of my investment property that was appraised at $76,000 but her fees are a bit high - about $5,000 in total. Does anyone have a suggestion on how to refinance my first investment property the cheapest way?

My previous post: 

https://www.biggerpockets.com/forums/12/topics/740552-closing-a-rental-property-in-a-week-and-need-a-lease-contract?page=1#p4361812

Acquired my first rental property in Morrell Park, Baltimore at $70,000 exactly a month ago and did some rehabilitation - modernized bathroom and kitchen, painted all the walls, replaced doorknobs, installed 2 more window A/C units, and lightings. Did the majority of work myself and spent $2,800 in total, including landlord insurance and cleaning services. Also hired a property manager as I live 45 minutes away from Baltimore City. We received our first application within 3 days on the market and the tenant has moved in last night at $1,250/month until October 2020! This is beyond exciting and has boosted my confidence to continue investing in real estate. A big thank you to the BiggerPockets community for all the valuable advice. If you would like to see photos of the rehabilitation, have any questions, or would like some tips from an amateur, let me know! :)

Best,

Ethan