This can be a very powerful way to tap into your equity. 

I think the reason why David & BP are such big fans of it is not because of the interest rate, but by using it as a tool to leverage up to get your next property. 

After deciding to make it a rental unit and learning more about the power of leverage and cashflow through BP, we'd like to refi into a 30 year mortgage.

I’m not sure it’s a ten cap after maintenance is considered it’s probably lower in today’s market if it’s a LTR, my points is the power of leverage.

To preface my replies, I am observing from afar using a variety of online tools and my assumptions might not be totally accurate, so thank you so much to all you local experts for lending me your advice. 

I have been running number with the calculators available through the given tools on Bigger Pockets, but I have been made aware by a couple of people I know that it is best to get pre-approved first before I start to look at properties, would this be beneficial to both mine and the future agent I work with?

@Winston Covington that is a great story and example of the power of holding real estate even if the property is only cash flowing a little bit at the front end and over the years with increased in rents while appreciation any investor can look amazing!

Continued low mortgage rates are helping some with affordability, but with prices rising fast, purchasing power is weakening.

Hey @Justin Coulson, there is a program called Podio that is a great tool.

It's been a great tool for us, and I always recommend everyone educate themselves on the loan as an option!