All Forum Posts by: Kenzie McIlvoy

Hi! My husband and I just did a cash out refinance on our home to a conventional loan with a lower interest rate/monthly payment and $20K cash out. We currently live in a 3 bed/2 bath in DFW, Texas. We are looking to buy a fourplex in the area and rent out our current property.

We are looking to use a hard money loan to cover the down payment and rehab costs for a fourplex. After six months, we plan to pay back the hard money loan and refinance the property to do it all over again with a different property. We’re wondering if anyone has any other thoughts on financing or if hard money is the best route? As I said, this will be our first investment and we’re trying to get as much advice as we can before we start financing. Thank you!

Hello! My husband and I are living in a single family that was bought with an FHA loan. It was purchased in my name only prior to marrying my husband. We are looking at buying a duplex as a live in flip and hold while renting out our current SF.

If we were to use another loan for our second property, we're having trouble understanding what our options are. We understand that we can only have one FHA loan but we're not sure if he can get a FHA with his name only (one for each of us) or if we're only allowed one between the two of us. We've also considered refinancing our current house to a conventional loan, especially because our interest rate is 4.75%.

If he doesn’t get a loan in his name only, our biggest question is if/how it’s possible to get approved for two loans from the bank. I’ve tried asking around and doing research but I don’t understand the process of finding the deal and getting another loan from the bank. We’ve heard several people on the podcast say things like “we got a second loan” but can’t find exactly what the process was for that. If anyone is knowledgeable on this topic we would greatly appreciate some explanation. 

My husband and I are planning buying our first investment property this year. We are currently living in a house we own that we plan on renting out. My husband is in school so we are on one income until summer.

My question is, once we’re on two full time incomes, what would kind of cash reserves should we have before we start buying? We’re looking at starting with a duplex we can house hack, flip and then move to our next property while renting out our current single family. We have a private investor that’s planning to

We’ve been preparing over the past year and a half but would just like to make sure we have everything prepared that we can.

@Joseph Schweizer That’s really good advice. I initially wanted to sell and just start over with house hacking. I have looked the zoning for the community around the property and it looks really good. It’s off Main Street in a little run down downtown area. They’ve been busy with construction since we moved in renovating the entire time. They have plans to add a dog park, amphitheater, etc. We’ve had multiple offers on the house already. I really think that if we hold onto it it’ll be worth much more than we paid for it and will definitely be cash flowing. We’re just not there yet.

I have family that has $25K extra a month they're trying to "figure out what to do with." They also have $350K in equity in their home they could work with. My husband and I have spent the last year and a half researching on how to invest in real estate. We want to BRRRR but don't have enough capital ourselves to get started. We're wanting to ask our family if they'd partner with us by investing their money in a deal / rehab while we do all the work, offering them 50% of the profit plus what they loaned us.

We currently don’t have any specific deals that we would like to buy. We’re wondering, should we talk with these family members now as we’re trying to come up with a game plan and include them every step of the way or should we find a deal and be able to give them exact numbers? And if we should find a deal first, should we make an offer and have it excepted prior to talking with them? I’ve been listening to the BP podcast and I’m pretty sure they suggest to find the deal first. This is a very close family member so I’m not sure if the same rules apply. We’d love any insight or advice we can get!

@Joseph Schweizer When I initially bought the house I didn’t know anything about real estate. I just knew I wanted to big a house instead of rent an apartment and I knew I wanted to keep it to rent some day. My current house probably will not cash flow, no, and if it does it will only be by a little bit.

We talked with my realtor, because I was thinking 70-80%, which obviously wouldn’t work. He told us they’d be able to give us 96.5% of the home value. I’m not sure which is right. We’ve reached out to our lender and are waiting to hear back.

Hi! My husband and I are very new to this. I bought our home a year and a half ago for $160,000 with the intent of doing some minor renovations and renting it out. My realtor estimates it will be worth around $190,000 today. Our loan is for $153K and we’re thinking about doing a cash out refinance on the house to lower the interest rate (currently 4.25%) and gain some capital to start investing. We’d like our next investment to be a duplex we live in and rent while also renting out our current house.

We’re feeling a little stuck. My husband is in school for this semester so we’re currently on one income. The plan is to wait until the end of the summer after we’re on double income again to do the cash out refinance and buy a duplex. We’re looking at doing a 5% conventional for the duplex, as advised by our realtor. We’d appreciate any advice we can get. We’re very new to all of this. We’ve tried to soak up all of the knowledge and resources we can but we’re still very very green and inexperienced. We want to take action but we just don’t know where to start.