All Forum Posts by: Josh Mitchell

@Ozzie Konar 

correct. Since you were required to put down 25% you started your loan at 75% LTV. Most banks will not allow you to go over that mark when doing a cash out refi, although there are some that allow you to go to 80% LTV. So unless you have been making major payments to the property, or done major rehab to it, you probably don't have enough equity to do a cash out refi that makes it worth doing after you add in fees.

After six months you can refinance. You will only be able to go up to 75% LTV since I am assuming that the bank you worked with required you to put down the 25% to purchase.

@Joe D. welcome to BP! You are in the right place to learn and network with some awesome people! I am not far away, and if you have any questions, just reach out and I will be sure to help if I can!!

Welcome neighbor @Mikee Harrington ! Feel free to reach out with any questions to you might have!

I think it depends on the couple and what they are comfortable with. Ofcourse, paying cash for the property will allow for better monthly cashflow, but only leaves you with $10,000 in savings. Based on their lifestyle, that may be ok with the couple, but $10,000 can go very quickly.

I would personally make the downpayment on the home, and if you want to generate a little better cash flow, they could always put $50,000 towards the property, which makes the monthly payments go down, and makes the monthly cash flow go up. This way you have $50,000 left in savings should something go wrong, or you have vacancies, or you could even buy another property with 25% down.

@Barry Smith 

is the property that you are talking about rented out? If so, why would you not refi to pull cash out and pay off the credit cards? The renter will be paying the mortgage for you in this case allowing you to free up some cash. Depending on your interest rate for the credit cards, it is usually always best to pay those off since they usually come with much higher interest rates than do home loans. Also, it depends on what you are wanting to do. Are you looking for more cash on hand or do you want the property to be paid off as soon as possible?

Ask @Brie Schmidt about letting your units have pets..... As she put in her podcast, they absolutely let people bring pets, and most cases the bigger the better. If this tenant gets in, they will more than likely be there for the long haul, because who else is going to rent them a place with a large animal? I like that way of thinking, and charging a few extra bucks every month in order to take care of some regular maintainence never hurts.

@Account Closed sounds like you have the right direction and plan, now just have to execute. Can I make a recommendation? Leave one of the rooms in your 4plex open during the spring break season so you can get out of panama at that time! College kids are crazy! Haha! Good luck to you in your journey!!

Welcome @Alexander Chavez this is a great place to network and talk to people who have tons of expierence and knowledge in whatever market you want to do!! Good luck!

@Jeff Plair you're welcome! Good luck!