All Forum Posts by: Vinicius Araujo

@Shane Cummings I haven’t heard of this strategy before. But I do have a question. So let’s say after a year of living in the house and renovating it could you refinance the loan to use that cash out money to either help pay for you next property or cover the renovations?

I believe it’s called “cash-out refinance”. Lender’s typically allow homeowners to borrow up to 80 percent of the home’s value, the threshold can vary, depending on your credit score and type of mortgage.

@John Warren house hacking is tough over here in Miami. A lot of the multi-family properties are located in unsafe neighborhoods. The rest of those properties are new construction and way over my budget (starting at 450k).

Hello,

I wanted to ask what option would anyone recommend for me in my first real estate purchase. I’ve saved around 40k and I’m interested in either buying an investment property or primary home to live in. FYI my market would be Miami and I’ve already been pre-approved from my lender.

My first option is buying an investment property, I'm very interested in the BRRR method, either as section 8 or regular rental property. I got approved for 325k loan, but with the amount that I have saved I would look to purchase a property for no more than 140k.

My second option is buying a primary home for my family and I to live in. We got approved for 400k, but with our budget I’m looking to purchase a home around 250k. We would wait a couple years to save more money and let the house build equity. Then down the line purchase another house to live in and make the first property we bought an investment property.

By the way if I choose the section option, which is buying a primary home, I would do a 5% down payment therefore I wouldn’t spend the entire 40k I have saved. Whereas the first option I’ll most likely spend the entire 40k, I’m factoring down payment, closing costs, and renovations.

Let me know what ya’ll think!