All Forum Posts by: Jack Wyatt

@Alan DeRossett yeah I paid cash for the house but I owe my girl friend 60k she loaned me to get the deal done that's why I have to do a case out refinance. I bout it for 120k and it appeared for 350k. Truly a has it estimated at 480k but I think that's not quite accurate. Either way I should be able to borrow enough to pay her back and finance another deal. I tried to finance this house and the banks I was dealing with didn't want to touch it when they found out it was a rooming house. Reading your post I think you and Brandon might be referring to the banks requirement for reserve. Is that accurate to say?

@Alan DeRossett Thanks for the reply. It cost $3000 a month to keep the place open. So you're saying I would need $72,000 correct? The roof is new and the heat and air (two units) one is 7 years old and the other 4 years old. 

I did my first deal last year. I bought a rooming house. 13 bed 7 baths. It's a lot of work and randomly there are late-night calls but I cash flow around $4000 a month. It's an old house with its share of problems. How much reserve should I put up? House is paid in full but I will be doing a cash-out refinance this month to try and do my second deal (hopefully another rooming house). I hear Brandon T talk about putting up reserves but I never hear him say how much that should be? Any help is appreciated.

@Kenneth Garrett can you explain more how this is “no money” in? I’m new to all this.

@Ryan Copeland what is a STR?

Ok So I bought a 13 bed 7 bath rooming house. I paid 120k cash. It appraised at $350k. I owe a friend 65k they loaned me to secure the deal. I own the house outright and need to borrow against it to pay my friend back and would like to have more money to buy a second rooming house. Is a cash-out refinance the best option? If so, should I go for the max amount they will loan me? Should I go for the longest loan term possible?