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25 June 2024 | 1 reply
Purchase price: $175,000 Cash invested: $43,750 Under market purchase.
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25 June 2024 | 6 replies
Among my criteria for investments is to target small multifamily properties with upside In rents to enable cash flow - nothing new.
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25 June 2024 | 0 replies
Purchase price: $250,000 Cash invested: $62,500 Buy and hold investment.
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26 June 2024 | 4 replies
You can also try and incorporate a seller concession of up to 3% (with 3.5% down) which can help cover closing costs and reduce the cash needed to close.
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25 June 2024 | 1 reply
Here are a few ideas:- HELOC: depending on how much equity you have in your property, you may be able to apply for and borrow against that equity- DSCR: BP now has a find a lender link and I'm happy to recommend mine as well if you'd like; there are lenders who do loans based on the future rental value of the property- Borrow from your 401k: typically you're able to borrow up to $50k and if you have multiple 401ks, borrow from multiplesHopefully this gives you some ideas of other options to bring in some cash for your investment!
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22 June 2024 | 7 replies
Essentially there is a property management company that finds investors to pay for the build of duplexes that are then sold for 30%-40% more than the cost to build.
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25 June 2024 | 10 replies
Once the property is rehabbed, you can refinance into a DSCR loan with no seasoning requirements.I'll let some of the traditional mortgage brokers chime in, but traditional financing might require a 12-month waiting period to pull your cash back out.
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26 June 2024 | 5 replies
I have about $300 on my credit cards (just finally paid them off for the most part, and have about $20,000 limit).My cash on hand is relatively light, but what my plan was was to find some single family homes in the north Detroit area (currently anywhere from $40-$60k and put about $15-20k tops into any repairs or fixes (not looking for total rehabs, mostly something I can do some small repairs here and there and paint, personally I am knowledgeable about renovating up until complex electric and plumbing).
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24 June 2024 | 6 replies
If you cash out equity in a property, you are "borrowing" that money from the lender.
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24 June 2024 | 21 replies
I paid 160K cash for that one, spent about 30k again and have it rented for $1,895/mo.