All Forum Posts by: Steven Macdonald

@Dan Heuschele ok understandable! Those are great points! I appreciate the words of wisdom! I think I’m going to go through with the cash out and try to shoot for the brrr method on this one. You take care Dan. Best of luck to you as well!

@Dan Heuschele I appreciate the time you took to answer my post. That is huge. Everything makes complete sense when your explaining rate of return on investment. I'm honestly leaning more towards the 100% LTV just because I know I can get a rate of return higher than 3.5%. And also have another property I can leverage incase of a pinch. Thank you so much again for clarifying things! Also have you ever heard of anyone getting a heloc with 100 LTV before?

@Matthew Crivelli thank you for the reply. I actually haven't looked too much into a bridge loan at all. I'm not too savvy on them. I will defiantly check that out! Thank you for that. Also i could pull out 90LTV with an interest rate of 2.75. For 50k. Still trying to weigh all my options. Just jumping from a 2.25 to 3.5 on 560k just makes me a little nervous to know if it's worth it. Also I have a property in Vancouver WA as a rental that I am also looking at using the money for an ADU which cost 120k to build and should generate 1500 a month in revenue. But the CAP rate might not be as high as using it as the down payment option. I appreciate the input!!

Hey everyone! I always appreciate the help and thoughts on Realistate subjects. These forums are awesome. So I'm at the cross roads with my currently property. I have 104k in equity I can pull out. I spoke with a VA lender yesterday since the current loan I have is VA. My original loan is 436k on a duplex and it is now worth around 560k give or take. I am able to take out 100% LTV. This is the decision I need to make if it is worth it or not?… The new loan terms would be

560k. 3.5% interest rate with total month being $2759

= 104k in pocket

Current loan

436k. 2.25% interest rate with Monthly being $1926

My biggest thing is the interest rate jump. Would it be worth taking the equity out to buy another property? And what would you do with it?

Respectfully,

Steven M.

So I want to start door knocking and direct mail messaging. Should I have a lender set up first? Or should I have the deal in hand and then find the money? 

Thanks for the reply Dave!! I appreciate it! Currently only have 3 doors. Looking for low cost, easy to use. I’ve been looking into cozy software. What do you currently use? 

Thanks Nathan! I appreciate it! I will defiantly check it out and do my research! 

Looking into property management platforms. Which ones are everyone using or prefer. Looking for a platform I can set up ACH auto payments with the current tenants. I looked into rentredi. Has anyone used this app. And what are your thoughts. 

Ok thank you Tom that helps out a lot knowing how to go about that seller finance portion. I appreciate all the help!  

Thank you Jill and Stephanie for the reply. Yes it would be for a 6 unit apartment building. I’m just trying to think of a creative way to come up with the other 20percent. Instead of putting 20percent cash down.