All Forum Posts by: Grant Mitchell

Thanks guys. I appreciate it. Just trying to find a way to scale ASAP. I know it’s a process but I wanted to be ready for next step.

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 I’m not sure how to go about refinancing my initial loan. I have a SFH that I purchased for 50K put around 6K of cosmetic rehab into it (paint & carpet was really all the interior needed did some landscaping myself for curb appeal) got the down payment of 10K from my 401K. Mortgage is for 40K. Where do I go from here or what steps should I be taking I refinance and pull my initial 10K investment (or at least some) out to purchase property number 2. Thanks in advance for all the help! Regards

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 I’m not sure how to go about refinancing my initial loan. I have a SFH that I purchased for 50K put around 6K of cosmetic rehab into it (paint & carpet was really all the interior needed did some landscaping myself for curb appeal) got the down payment of 10K from my 401K. Mortgage is for 40K. Where do I go from here or what steps should I be taking I refinance and pull my initial 10K investment (or at least some) out to purchase property number 2. Thanks in advance for all the help! Regards

@Travis Rasmussen only about a year and a half. 

Hello All, I’m a buy and hold investor in Youngstown, OH! Technically I’ve been a member for about a year but wasn’t as active as I should’ve been. Looking forward to learning from and speaking to everyone in the community!

@Chris Lohmeier thanks for the input. So basically I should just get with a lender first to ensure I have all the bases covered for a refinance before I got sinking my credit score. 

@Alexa K. you took the words right out of my mouth with your follow up questions. Thanks for commenting!

Is it possible to purchase a property and rehab it with a personal loan then get it refinanced with a traditional mortgage? I always wondered since places like SoFi and other personal lenders give such large amounts with not much paperwork. Obviously the pitfalls would be the interest on the loan and the monthly payment. Just wondering if I could add this method to the toolbox in a bind. Thanks!

What type of lender did you use for the property?

What type of lender did you use on this property? I’m looking into sub 30K investments as well. Good luck btw