Knoxville, TN · Member since 2017 · 1 post · 0 votes
Hi All,
I purchased my first property in 2017. It was a foreclosure in Knoxville, TN listed for 42. I offered them 45 and financed the deal through an FHA 203K. I remodeled the kitchen and bathroom and added some basic upgrades (new hot water heater, etc.) and ended up with about 63 in the deal. I've been working on the house since then and will continue to put in some sweat equity throughout the year.
Since the beginning, I've planned to refi out of the FHA to get rid of the every annoying fees associated with FHA mortgages, and I'm looking for some guidance and tips dealing with refi's.
Does anyone have any articles, books, tips, or blog posts they'd recommend to someone in my position? Here's the Zillow listing, and if anyone's interested I'll show some pictures of the remodeled bits :)
Baltimore, MD · Member since 2014 · 203 posts · 19 votes
8y
hello mitchell,ed reid here ,as it pertains to refinancing ,thats a good idea 1st of all you will be able to pull some cashout and hopefully reinvest it in another project,being that you developed some expertise in your intitial remodeling efforts,this in my opinion has set the stage for you to start building your real estate portfolio ,the lending environment is very laxed meaning you can acquire financing for real estate investment , there are some tremendous financing program that allows you to acquire property to rehab and flip it or keep the property as a rental,and the really exciting part is that when you refinance the property you will be able to recoup all or the vast majority of your initial capital,utilizing this technique will allow you to realize massive cashflow because you will repeat this formula over and over.have a great day everyday doing it gods way!