All Forum Posts by: Mehgan Moore

I am trying to decide my next move, perhaps you can help?! I have a SFR that cash flows over $500/month. It's by far one of the smallest houses in the neighborhood. I have a great long term tenant in it who doesn't want to leave and takes good care of the property.

Should I kick the tenant out and do a massive renovation to match the neighborhood? I am thinking it's a good idea simply because I could then refinance and pull out equity to pay for another investment property.

@Tim Woodbridge

I think you are on to something. I would also like to be involved in such a group. Please provide updates on how we can join. 😀👍

My husband and I are looking for a good book keeper/ CPA but are not really sure what to be asking while interviewing them. Does any one know of a good one in the Phx Az area? What is the average cost of this service? Thanks so much!

I am trying to qualify for another multiplex and have been told we can not use the rental income from the other units to qualify...? We currently live in one of our multiplexes and are looking to rent out the unit we live in and move into another unit within a new multiplex. Lender is saying we can not use the rent amt for the other unit located in the new purchase (currently rented for $2100 a month) to qualify. Is this a real thing? Lender said they would use that income to do a cash out refi but not for a purchase...? Odd to me.

@Jaron Walling

Having a HELOC the pmt is based on the balance you keep. We used one for some Reno and by paying that down we increase our cash flow. At some point refinancing to lower your payment is a great option.

I am looking for someone who I can call and go over financing options in the phx az area. We currently have 2 rentals and are learning that the banks seem to have a ton of overlays limiting our max loan amounts. We have someone willing to allow us to invest their money but need more money in order to get the kind of property we want in the location we want. Would like to be able to talk things out with someone.

@Geordy Rostad

Yes the BRRRR method makes sense as far as leverage but I hate to tap into all the equity as again, the more we have the better the cash flow. I understand that having more equity in a given property may not provide the best ROI but looking long term we want our properties paid off. Then we can act as a bank as far as using the given equity for other investments and/or providing Hard Money to other investors. I guess the balance is really case by case.

@Brittany Goree

Consider it as a 2nd mortgage. It's a 2nd payment due each month but it's based on the balance you have. Therefore you control the month payment. Hope that makes sense.

We purchased a great property in 2012; due to appreciation and aggressively paying down the mortgage, we have some good equity in the property. This allows our monthly cash flow to increasing.

We are looking to purchase another property and are trying to consider all options for the down payment funds. We can borrow against my 401k and use some cash savings, OR do a cash out refi on one of out properties to help leverage us. We will likely do the BRRRR method and do the refi, but my question is how do you determine the right balance of debt reduction and cashflow?

@Chris Levarek

Fantastic point! Thank you!