You borrowed $388k and you’ve paid your loan down to $384k with your $30k in payments.

My original plan was to find a 4 plex in california buy using fha loan, move out after the first year and generate cash flow and appreciation, but after looking at properties it became clear to me that’s not possible with todays market and interest rates.

So I did a 3-2-1 buydown and secured a 2.875% interest loan for the first year of the loan, and it will gradually go up a percent each year until it hits my rate of 5.875%!

Kieran, the best bet here is to refinance with a DSCR loan.

I then found 3 properties from wholesalers in areas that I invest in regularly and purchased the properties with a hard money loan.

@Adam Newman yeah, not understanding your statements, "I have $50k plus about 7k in the bank" and "take out a loan and go in with 20% from the start?".

Pay Down the Loan Faster:I’m considering applying $40,000 annually to the loan principal.

Here’s some guidance to help with your next steps:Hard Money Loan: Hard money lenders can often cover both the purchase price and some rehab costs (up to 70-75% of the after-repair value or ARV).

They asked me to empty my savings, max out cards and then finally to take out a loan.

What type of loan are you looking to get into?