All Forum Posts by: Samantha Epps

Hi y'all, 

Just purchased a 3 unit property that needs 40K in structural repair before it can be rented. I'm considering the following options to pay for these repairs:

-- Cash-out refi on another rental - I could prob pull 30K-40K out after closing costs but would lose my low 3% interest rate. Even after the refinance, the property would pull in considerable profit, and the cash-out would cover most if not all of the repair costs. 

-- HELOC on 3 unit (which is also primary residence)

-- 0% Interest credit card 

I'm inclined towards the cash-out option because it wouldn't directly eat into my cash flow, rather it would cut into my profits on that rental. Are there any other options I haven't thought of yet?  Which one of these options would you choose? I'm a small multi-familiy investor and if I play my cards right on this property, financial freedom is on the horizon. 

@Steve C. I've used Northwest for a conventional mortgage on my second double but am now hoping to refi, cash out, and move onto the next one. I had a good experience with Northwest but was looking for a recommendation on banks that are willing to work with small landlords and provide good rates. Unfortunately I don't have any recommendations of my own, but will drop a line on this thread if I hear of anything!

@Steve C. curious to hear what bank you ended up going with?

@Eric Bassett Thanks for the input! I wasn't aware of the auction fees so good to keep in mind. 

Anyone have experience with online / in person auctions in Buffalo, NY? I know generally how they work but I'm wondering how I can prepare myself to participate and if folks have any must-know tips? 

Additionally, what are you preferred methods of financing for lower cost properties such as these? Thanks!