All Forum Posts by: Grant Mitchell

Have about 12K worth of equity in my first deal. Is there a way to pull that money out to get another property? I see a lot of people talking about HELOCs or Home Equity loans. The property I have was only appraised for 3K more than what I got it for so BRRRR isn't much of an option it seems.

Thanks for the help BP community!

Have about 12K worth of equity in my first deal. Is there a way to pull that money out to get another property? I see a lot of people talking about HELOCs or Home Equity loans. The property I have was only appraised for 3K more than what I got it for so BRRRR isn't much of an option it seems.

Thanks for the help BP community!

I bought a property for 51K put 20% down and got a mortgage for 40.8K fixed 5.5% over 30 years. How much equity do I have in the property if any? The home appraised for 54K in December when I closed on it. Didn't need much work though just painted and replaced carpet downstairs so I only purchased a little below market value. Can I do a HELOC to use for a 2nd deal or is it wayyyyy to early for that? Or is there a way to get any of my initial money back out yet?

Thanks for the help in advance :)

@Brent Coombs ok I see. So basically I'd have to find more of a fixer upper at a lower cost and add more value to have a better chance at BRRR'ing the property.

Thanks! @Andrew Syrios

@Anthony Wick Thanks Anthony 

@Dennis Wasilewski comps in the neighborhood are 60k-62k

@Brent Coombs @Steve Vaughan @Jay Hinrichs I actually obtained a traditional mortgage at a local credit union. 30yrs at 5.5%. The process was pretty straightforward. Income verification and the bank pulled my Debt to income ratio. 

Hello All, Closed on my first property back in February. Now have actual tenants moving in a few weeks from now. I’m attempting the BRRRR strategy but can’t refinance for another few months due to having low equity in home. Is there another way to scale at a more accelerated pace? Just looking at ways to get as many units as possible (good deals of course). All pointers, success stories, and advice are welcome! Thanks

Hello All, Closed on my first property back in February. Now have actual tenants moving in a few weeks from now. I’m attempting the BRRRR strategy but can’t refinance for another few months due to having low equity in home. Is there another way to scale at a more accelerated pace? Just looking at ways to get as many units as possible (good deals of course). All pointers, success stories, and advice are welcome! Thanks