All Forum Posts by: Richard Rockwood

Thanks for the reply, Chris. I kind of figured that I would have to do that.. Oh well. All is well that ends well. 

Greetings again, Biggerpockets. Has anyone ever done a cash-out refinance on multiple paid for properties under one loan? Is this possible? 

I close on one today, actually. I negotiated them down to accept an offer of 84% of the asking price. It was on the market for around 25 days. Not in horrible shape persay, but it does need paint, flooring and appliances. You should be fine with owner-occupying, although if you're in a very hot area, you may have to compete with investors if you do not get it under contract before it is opened to non owner-occupants..Sometimes these things go for a few thousand more than what they are listed at. If you like it and the numbers are right, jump on it.  Nothing ventured, nothing gained.. Right?

@Ben G. - It was one of the toughest decisions I've made in my life.

@Josh C. - All of my estimates are a little high on purpose, because honestly I have no idea if I will run into hiccups. I own the Biggerpockets book on estimating rehab costs, but I still feel much more comfortable estimating a little high on repairs just in case.

It seems to me that this is exactly how it works @Shaun Lapsley . My only thought is I guess I would have to do a "cash out refinance" on every new property I buy. Logic says that this debt would add up pretty quickly if I wanted to build at the scale I plan on growing. I guess I would have to take all of the income and pay them off one by one. I am also curious on what is the best exit strategy for this type of investing. Thanks for the congrats, btw. 

@Kenneth Huddleston - I already have the property under contract. 

I think I've gotten more advice in this one thread than I had in the months I've been reading random posts. Thanks everyone. I think I will do exactly what you guys are saying. I will update this thread with pictures and questions I may have along the way!

My advice is to try and go somewhere where there are jobs. I'm not sure where Galatia is, but stay away from areas that may be factory driven, as we are not the most industrious country at the moment. A few years ago Rantoul closed what I think was an Air Force base and a friend of mine lost his *** on properties because there were no jobs in that city anymore. Good luck man, you'll do fine. 

@Paul Wurster and @Manny Cirino - I agree with both of you. It seems that there is a lot that I haven't really considered yet, mainly seller commissions.. So my question is about financing. What kind of financing can I get in this situation if I do decide to rent it out? Would I just find another rental property and apply for a mortgage with my first property as collateral to get more? Really confused about this part, Thanks.