You can also divide the amount of the extra payment by 12, and add that amount to each payment (indicating it must be applied to principal) and you can easily accomplish the same thing.

My Goal for 2021: Buy 1 rental property in Colorado SpringsWhere I am:In Feb I accomplished my goal and bought one home, since Feb I have bought another home and right now I’m under contract on my fourth property set to close on 30 JUNE.

Hi,
Im getting close to closing on my 1st multifamily property and I'm in need of advice and opinions. A little background on the property: The property is 2 brick ranch duplexes on crawl spaces and on one piece of p...

This is what we were leaning towards and feel more confident this is the path of least resistance that can accomplish our goal and mitigate the risk set forth by previous ownership.

It’s hard to answer the questions you are seeking, however I would recommend a timeline plan on what you want to accomplish.

Give us more details as to your current situation and what you are trying to accomplish and we can better guide you there   

Hopping that the deal will fund and under the same terms next week will be an accomplishment.

It’s not a smart move in most cases… but if the cash out let’s you buy an amazing new property that offsets the expenses of the refi or accomplishes some necessary action, maybe it’s worth it?  

Hi Makayla, I'm not an expert in off market deals, seller financing, or STRs, but I would encourage you to focus more on WHAT you want than HOW you want to get it at this stage.I have a similar problem of being interested in too many areas at once, and that is a good way to spend your time get nothing accomplished.

Really best thing is to talk with accountant and let them know what your trying to accomplish, short and long term.Good Luck