All Forum Posts by: Patrick McGrath

@Benjamin Seibert

Appreciate it! For my first MF property I am extremely pleased with the outcome and looking forward to doing it all over again on the next one.

So we bought a Triplex back in Nov. for $204k and have been working through the BRRRR process for the last 9 months and we finally closed on the Cash-out Refi. We are beyond excited how this deal went and will be closing on a 4-plex from the same seller in August.

3 (2) Br (1) Bath units with a 4 Car Garage

Purchase: $204k - $4k seller closing help listed at $239k

Closing cost and Down payment = $61k

Renovation cost : $15k

Rents at Purchase : $750 - $750 - $650

Current Rents: $1375 -$1200 - $925

All in cost of $76k

AVR: $350k

Cash-out Refinance at 70% LT after closing cost = $87k 

100% of investment returned with an extra $11k. 

PITI: $1550 with total gross rents of $3500 for net cash flow of $1950 before expense and $105k still left in the deal.

Just a Little Update - All 3 units have been fully renovated and rented. Total rental income is now $3500/month and property just appraised for $350k. Cash out refinance is closing tomorrow and we will be receiving $87k back. DP & Closing was $61k we spent around $15k in renovations, all in $76k. So BRRRRIng out entire investment and receiving extra $11k. PITI will be $1550 for a cash flow before expenses around $1950/month.

@Ryan Hazelwood

33 with 5 rentals total of 10 units. 3 Single Family, 1 Triplex, 1 Fourplex.

@William Taylor

3 plex multifamily non owner occupied cash out

@Steve LeBlanc

SWBC Mortgage - Jamie Lense

@Steve LeBlanc

Just got 4% on 30 year on a cash-out refi loan is $240k

@Joe Splitrock

Goal is by 35 to be able to quit my W-2 and focus on REI full time. Currently 33 with 10 Doors looking to add 2-4 more by EOY.

@Larry Marshall

I think the key is just going for it! Find something that makes sense even if it isn’t a home run and pull the trigger. You will learn so much and become more comfortable living in the uncomfortable. Once you believe in yourself that you CAN do this, you will become more

Confident, know what a good/great deal is and be able to make decisions much easier.

Hope this help, go get #1.

@Wendy Smith

I just cash-out refi’d at 4% for 30years. You should be able to get better rate.