All Forum Posts by: Matt Wells

My rental was purchased at $117,900 + rehab costs of $17k. I put a 20% down payment on the property with a 30-year loan at 4.5% interest. Closing costs were $5k. The rehab was paid in cash. My intention was not to BRRRR it, but I am thinking of doing it. I think the property is worth at least $150k. Should I cash-out refinance? I can get a 70% LTV at around 3.5% interest. The refinance cost is $3k. I can get a little of my money back and lock in a lower rate. I think I should do this but wanted to ask the bigger pockets community for advice. I just want to make sure I am not missing something. (I know I can shop around for a better refinance deal, but I want to see if you think it should be done with my current option). Thanks!

Is there a difference between a refinance and a cash-out refinance or is it the same thing? I am confused here. Are all refinances actually cash-out refinances? Are the terms synonymous? Can someone please explain this to me and provide an example? 

I just got a quote from NREIG for a new rental property. It is substantially higher than a quote from NREIG on a similar property I bought a year ago. Looks like NREIG raised their rates. Has anyone else experienced this? Can you recommend a more affordable rental property insurance company?

@Dave Chow 2 properties at $310 and $427 yearly. I just got a quote for another property and it's substantially higher. Looks like NREIG is raising rates. Can you recommend any other affordable insurance companies? 

I currently use NREIG and the rates seem pretty good. Does anyone know of a more affordable rental property insurance company?

Does anyone have any advice or opinions? Would you rather BRRRR SFRs and recycle the cash as much as possible over and over again with conventional loans or would you rather buy and hold SFR rentals putting 20% down with a conventional loan? I like having more cash flow and I do realize BRRRR would decrease my cashflow vs investing the other way. I plan on stopping at 10 conventional loans. Would you rather have 10 BRRRR properties on conventional loans or 10 homes with no cash-out refinance with more cash flow on conventional loans? I am able to accomplish both in 5 years time. I just want some guidance. I am also thinking of doing a mix of both. Maybe 4 BRRRR and 6 traditional buy and hold. Thanks!

Thanks! @Wayne Brooks

Not hijacking at all! This is directly related to my question and I would like to know the answer too!

@Dan Beaulieu @Kris L.

The properties won't be paid off. I am asking if I already have 10 properties under conventional loans and I inherit 10 properties on conventional loans that are also not paid off, will there be any issues. I would have 20 properties that are not paid off on conventional loans.

Oh, I have not actually done this. All hypothetical. I'm not even close to maxing out my 10 conventional loan limit.

Just wondering, hypothetically, if I have maxed out my 10 conventional loan limit, and I inherited 10 properties with conventional loans from a relative that passed away, would there be any issues? Could all 20 rental properties stay in conventional loans or would they have to transfer to some type of commercial loan?