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Updated about 7 years ago on . Most recent reply

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David J.
  • Santa Fe, NM
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Buy duplex with cash, get mortgage after?

David J.
  • Santa Fe, NM
Posted

I'm a new investor. I recently sold a business and have enough cash that I can buy (and repair) a property without financing. I like the advantage of making a cash offer, plus being able to fixes without following bank rules. I also like leverage and low interest rates. 

So I want to buy a 2 unit rental property with cash, then take out a mortgage. Is this a reasonable strategy? What sort of rate should I expect? As a result of the sale of my company, I have gone from low six figure W-2 income to mid-six figure investment income. Will this affect my mortgage application?

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Brian Garrett
  • Real Estate Investor
  • Palm Beach County, FL
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Brian Garrett
  • Real Estate Investor
  • Palm Beach County, FL
Replied

This is very common and what you often see referred to as the BRRRR strategy here on BP.

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