All Forum Posts by: Steven J. Umaña

Great info @Austin Steed. I like this update a lot. 

@Sarah Wheeler

@Tim Chiodo I’d be happy to field some of your questions regarding this. Please message me. 

Best of luck @Trent Ecklar!

@Sarah Wheeler

done!

@Matthew Enos great insight.  I like the idea of pulling my seed money out to keep it rolling. Thanks. 

@Max T. the HELOC route is the way I would go - I misspoke above. Why pay closing costs and a new loan title premium to refi when you can just get a HELOC?? Unless your first mortgage has adverse terms....

Thanks @John Warren for this insight. 

I currently have a duplex that is cash flowing really well, and had some arbitrary "five-year hold then refi" rule in my head, which I've been to questioning lately.....

If I do refi to pull out equity for the acquisition of another, similar building, I am approximating that I will need to pull out around 40/50K (if I don't take a partner/investor and use a conventional lender). I'm not sure I have that equity built into this property yet. Perhaps I shouldn't be so focused on finding a similar building, and be more focused on acquiring more units? Its hard not to try to duplicate a good investment, but I may be kidding myself on finding another one of these properties at the right price. 

I think I just need to get the appraisal done and see where I stand equity-wise.

@Michelle Bright - sounds like a great purchase!

I'd like to hear any strategies/philosophies regarding pulling equity out of your property to finance renovations or another acquisition. Obviously, the answer to the question "When do I pull out equity?" is completely dependent on all sorts of facts and circumstances surrounding the property and financials. Note: My current strategy is the accumulation of passive income multi-family rentals. 

So, does anyone have any strategies/philosophies they'd be willing to share? Anything from big picture stuff to small picture stuff. I've never pulled equity out of a property, but have always thought to do so to grow my portfolio. The question is..... when?

Thanks in advance.