All Forum Posts by: Peter Teachen

James and Corby thank you so much for quickly responding and the encouragement. 

James,

1. I have enough for the down payment of 20-25% to get the financing. 

2. This is the issue. The LTV wouldn't increase that fast to allow me to pull out my 20-25%. As I would buy it at Value and its newer construction. So unless appreciate really picked up my LTV would stay near that 80%.

Yea I am very interested in the BRRR strategy as I am an architect myself and have connections with contractors however my biggest fear is I don't have the time to manage this outside my job. How hands on are you on your first couple of BRRR deals?

Corby,

Thanks for the tips! Yea since this is my first deal I am sure getting the ReFi will be hard that is that favorable. My DTI is great rate now but once I buy a property it would not be and my experience would likely be the deciding factor for the Bank.

Hey Everyone! First post here but long time follower. Been itching to get my passive income journey started and am committed to buying a property this year. Been doing all the recommended items of visiting properties, talking to real estate and finance agents, running deals, etc. And now I believe I have found a deal to move on but I have one slight issue with this deal, I do not believe I will be able to do a cash out refi as it is in near turnkey property and I am only estimating 5K in paint and lighting fixture changes.

My questions are as follows and any guidance from the community will be greatly appreciated!

1. I will likely tie up all of my personal money in this first deal. Is this bad? I can save money at a very high rate with my W2 job.

2. I would like to buy more than one property this year. This deal would get me to 60% of my goal on passive income this year. Any advice on goals vs if the deal is good do it?

3. I believe the rents are 15% below value on the conservative side. If I get the rent up and have the financials to show the bank, will the likely allow me to refi at a higher amount allowing me to take some of the cash out? If yes how long will this take?

Thanks! Pete