All Forum Posts by: Ron Singh

Question on how cash out refinance works and any risks involved?

brought a house for cash,

updated /paint, floor, landscape etc

rented it for couple months

- is it good to go for cash out refinance ? or try after 6 months of renting ? does this duration matters at all ?

- for appraisal, do they go inside the house or look from outside only ? since its rented and tanent living there,so have to coordinate, if they have to go in.

- is it better to have appraisal done inside and outside both for max value , any suggestions?

- if I try multiple lenders for cash out refinancing , Is it going to be hard enquiry on credit from all ?

- dose appraisal process require home inspection ? while tanet are living there and nothing major has been changed.

- any tips to get max value ?

Thanks @Salvatore Lentini, great post and congrats on your achievements.

I am in bay area, which is pretty expensive and competitive, even 50% or 70% rule won't work here.

my goal is to keep adding a cash flow property every year or two.

> exploring if I can get a duplex/triplex etc couple hours away from here and have it managed by a management company, they might charge 10% or rent , and the cashflow might not be more than couple hundred dollars a month. at least less vacancy rate here but if any major repair comes up, it may wash all earnings.

> other option is buying from wholesalers out of state, ie. TX/FL or midwest, but not sure how to manage the rehab part while being out if state ? property management company can do the tanet/rent part but might need your suggestions and thoughts on how to handle above two scenarios ?

~

Cheers

Ron

@Marielle Walter

I am looking for wholesalers in Austin tx too, if you got any luck ?

@Ryan Dossey 5k

thanks @Merritt S. and congrats again on finding great starter deal that too at sure nice price.

since I noticed you are from WI. I recently saw couple commercial ones there, one is land with wedding business and other is warehouse, do you feel it's easy to find a local manager to manage them as I am out of state ? I can visit monthly or so, but what do you suggest it would be worth owning a property and business in different state and can rely on local manager ?

@Iaroslav Demydovych

#2 seems stable

Thanks, @Jennifer Beadles. I am mostly looking in TX, FL, NV, CA (which is tough) but open to other southern states too as long as they seem good deal.

i would love to get off market deal, if you have any connections.

Hey @Matt Millard

I looked at the mobile home site, but wasn't sure how much time it would need to maintain and keep running smoothly ?

are there any weekly/monthly maintenance needed from owner or all maintenance can/should be done by tanents.

Agreed @Marcus Auerbach , yes I am super enthusiastic and passionate about it, I guess it came from my parents and grand parents..

I have been to county sale, tax liens, auctions in few states, brought /sold couple SFR in this decade so far, but really interested in getting into multi FM or better cash flow ones now.

may be I am doing too much research and not pulling the trigger.. that why I am taking your suggestions :)

Thanks, @Jennifer Beadles

I see some in TX, FL but mostly like 50+ years old.

now I am thinking how old is too old, as they might have reoccurring repairs and potentially major issues.

what do you feel how old property is okay to get into ?

also, if you have some recommendations on how to find the good ones, could you please dm me ?

any inputs are greatly appreciated.

thanks

Ron