All Forum Posts by: Owen Phillips

Hi Jared,

Im not the passive type—it's just not in my nature. I like to understand every detail and tend to over-research everything. Being self-employed gives me the time to focus on whatever needs to be done, especially if it offers a high ROI by doing it myself. Ive also done a few property flips in New York, though not since 2001-2002. I have solid knowledge and hands-on experience in construction, including full kitchen and bathroom remodels, hot water heater installations, and pretty much anything that doesn't require approved plans or specialized licenses. Obviously properties far from where I live would not be something I could work on personally but I have no problem being in the thick of it all

Thanks  

Owen  

Im considering taking $600K in equity from my current home through a cash-out refinance. I currently owe $535K, and the estimated value of the home is between $1.7M and $1.8M. With the cash-out refinance, the new loan would be approximately $1.2M.

I plan to invest the $600K into rental properties with a hopeful average cap rate of 10%,… the goal of covering the mortgage payments on the $1.2M loan as well as the expenses for the rental properties.

Does this approach seem feasible?

Thank you