All Forum Posts by: Account Closed

Hi

I'm looking to buy a 2nd rental property out of state in Ohio. I'm trying to figure out a way to put little to no money down for the loan. I can't do FHA since I wont be living in the property. I wanted to get a better understanding of what is cash out refinance. I did read about it in one of Biggerpockets books. I read about it on google. It still doesnt make sense to me. Can someone pls explain to me in an example with numbers? I know it means refinancing your existing property. But what is cash out mean? Do you have pay that back with the refinanced loan? The lender just gives you excess cash that you dont have to pay back? Thats the part I dont get. For ex, lets say I wanted to borrow money from my 401k for down payment and I take out a loan for the remainder. Then if I do cash-out refinance later, the lender will give me money to pay back my 401k and I dont pay him back for that? Sorry If I sound stupid but I really want to understand this concept. Thanks in advance.

Hi

I already own an investment property and I had enough down payment saved up for it so getting a loan was not a problem. I'm looking to buy another property out of state in Cleveland, OH area. I want to start small with a duplex. But the problem is I dont have enough down payment to put down for investment property loans. I might only have 5% down payment. Even if I can get a loan with 5% down, my concern is how am I going to get any cash flow from my second investment because the mortgage payment will be high. Does anyone have any alternative solutions besides private lending? Thank you in advance.

Thank you all so much! 

Hi

I'm a beginner level real estate investor and have one investment property. I live in Illinois and looking to buying a multi family in Cleveland, OH. I also plan to hire a property management company to rent my property and manage it. Since I have never invested out of state, I'm here overthinking everything. My biggest concern is the crime rate in Cleveland area. I know there are graded neighborhoods. But the good neighborhoods are pricey of course.  I want to start small since it would be my first out of state property. Can somebody please give me peace of mind on this? Has anybody bought properties in the bad areas in Cleveland where its much cheaper? How has the experience been? I want to have as much cash flow as I can by buying a cheaper property. Since I wont be living in the property or managing it, would it be wise to invest in a property in a bad neighborhood with crime? Would this have an impact on tenant quality or rent collection? . Thanks for any advice/insights.

Hi All. I'm a real estate investor and currently own one property. Looking to purchase more in the future for passive income. I have been reading news articles recently about ADU's and tiny 3D homes. I just wanted to find out your thoughts about this as to how much impact it might have on real estate industry in the future. I know I might be thinking way ahead uinto the future. But I was just curious so I can plan on diversifying how I invest my money. Thank you for any insights.