Hello Everyone,
So, I have been listening for a few months. And, saving towards the purchase of my first property, and discussing my strategy with my friends.. "gotta love the nay sayers".. lol.. But anyhow, suddenly my mother and my best friend wanted to split 49.99% of my new business and be silent partners but provide capital. So, with no experience but a wealth of useful knowledge from many books and about 60 episodes of BPP. I have shopped and shopped until I happened upon a very low priced but large single family home. My issue is, it is very large, and I know from having rented in some of these homes before when I was in college that many of them get converted into multi-family housing. So, if I do this all with cash. And by the end i have a total of 50-60k cash invested into this property. But it's "cashflow" is about 1500/month in the black. How long before a bank would likely refinance so I can draw my cash back out and start my next project? And is there a certain bank that would be more likely to work with us on this project.
