All Forum Posts by: Hal Fitzgerald

Hi BP members,

I've been reading up on BRRRR, and for the most part, I understand the basics. However, I'm confused about the refinancing part. Specifically, the cash-out portion confuses me. I'm familiar with the term 'refinance' as replacing an existing mortgage with a new one to get a lower interest rate or different term.

What I got from reading about BRRRR is that when you're ready to refinance, look for a "cash-out" refinance loan. Here's an example of what I'm thinking:

* I bought a distressed home for $50,000. I rehabbed it for $10,000. And it gets appraised for $100,000. Then, I look for a cash-out refinance loan.

* The bank offers me .75 of 100,000.

* Does that mean I get $75,000 in a check form? I use that $75,000 ($15,000 extra income [75k - 60k total cost ]) to buy a new property or put it in my bank. Is this correct?

Thank you everyone! Any help is appreciated! 

Although you're getting a lot of leads that doesn't mean you'll meet the right one, so you can keep the leads coming until your house is rent out.

What an inspiring story! You're so amazing bro! Your story is the first one which make me so impressed! 

If you want to raise rent, it will appeal more tenants if you allow pets. But personally speaking, I will not allow pets in. they probably will scratch the furniture. It is a large amount of cost for me. 

@John Underwood Thanks John! 

Hello BP members,

I have one property rented and got several applicants, what kinds of criteria do you guys have for tenant screening and what aspect will you look into most? Any input is greatly appreciated! 

Hey guys,

My tenants complains that they texted me several days ago about the maintenance but they didn’t receive my response so they called me. But my inboxes is full and it’s hard to get notifications on time. I wonder do you have any recommendations about how to get timely message from your tenants or any apps to manage this are much better, any options?