All Forum Posts by: Robin Hines

There is a company in KC called five star wholesale that does what you're describing.

This doesn't speak to investing in multifamily vs sfh, but I can share my experience/evolution in rei since starting this past summer. My sister and I co-owned a 14 unit which we inherited--there was a decent amount of deferred maintenance. Knowing this, but not really knowing anything about rei or how to obtain money for the necessary repairs, I wanted to sell, but my sister did not. So, she bought me out. I then bought a sfh rental with the proceeds, and said ok, now I've replaced that income. Shortly after that, I really got the real estate bug. 

When you do the math and see what your monthly cash flow is with owning a property outright vs using leverage to expand your portfolio, there is reallly no comparison. The numbers just come out better when you use leverage to buy more properties.  That being said, I don't go any higher than 25% loan to value, just to keep a safety net in place should a market correction be around the corner. 

I've done a second cash out refi of a rental which used to be our primary home years ago. So, we've now done two cash out refis and I'm about to use this money to buy more property. If you're happy with your sfh, you might want to refi and take the proceeds to buy the multifamily. Just play with the numbers and see how things come out. Once I started doing this, I really saw that my portfolio and my monthly cash flow can increase MUCH faster than owning one property outright and using that to save up to buy more. Hope this helps in your decision.

@Account Closed Yes, this a was a cash out refi. Well, it finally funded yesterday so everything's good now. It was just frustrating and tested my patience because I was trying to meet a closing date for my new purchase. I guess my point is, it might be a good idea to wait to set the closing date for your new purchase after you have the cash in hand from the refi. 

@Account Closed The appraisal took 10 days. My contact at the mortgage company had some family things going on which meant he was out quite a bit and I think that really slowed things down. Last but certainly not least...underwriting. You need to provide this...wait three days....you need to provide that...wait three more days. I think it would have gone much faster but I just thought they were doing their thing. If I had called or emailed every day and stayed on them it probably would have been much faster.

I just went through the same thing with an investment property in Birmingham. Found my lender via lendingtree. The whole mortgage thing is quite frustrating. We finally closed on it today which is two months to the day after I started this process. If I had known at the beginning that it was going to take so long, I probably would have taken things in stride, but I'm also trying to close on another property which I will do Friday.

Welcome Peter Leerdam ! Sounds like you have a lot of experience to share with newer investors like me. Hope you can make the Orlando BP meeting.

Welcome Porcha Brumfield ! BP has a wealth of information from contributors all over the US and beyond. I have learned a tremendous amount, and the more I learn, the more I want to know!

Welcome Herve Alce ! You'll find tons of useful info on the site, and a huge community of people who are interested in networking and helping each other out.

@Account Closed Thank you! I will absolutely try to make it. Thanks for directing me where to go on BP to find this info...I'm still new to this.

Thank you, John!