All Forum Posts by: Wendy Schultz

Hi @Lyndsey Stewart I am in the process of buying a rental property in Orlando close to the convention centre. I am living in Ireland and I am looking for someone to manage the Air BnB property. 

All I have ever known to do is just save for down payments. Best to always buy properties that give you instant equity gains after repairs. Even by using hard money to purchase and then refinancing into a 30 year loan usually I'm out around 10k from what I started with (perhaps you can get zero out of pocket deals if they are discounted enough). Then there is the often unmentioned reserve capital. I think lenders have backed off a little since the last time I bought but with each property purchased you need even more money than you started out with since more reserves are needed. If you are getting your loans down to 75% LTV by putting 25% down then there is no equity to take out and use for another property.

@Wendy Schultz Are you able to cash out refinance any other properties?

I think that will be my next step. I haven’t yet but looks like I should try. Thanks 

hey I am super new but what about tapping into the equity on your other properties? the line of credit would allow you to use it for down payment and once paid off, it is replenished to be used again.

Thank you. I have thought of doing that but haven't pursued it yet. I don't do a lot of rehab work so my properties don't gain a ton of equity right away. Maybe that's part of the trick. 

From flipping the same cash over and over...and making new friends (profits) every time.  I only needed one new cash, the rest is reusing the same cash over and over...and making friends with each use.

Whatever market you are in, all you should need is one set of cash for the first deal.  After that, you should be using the same cash over and over.  Cash should never be the problem...unless you're spending your seed money.