Hi Bigger Pockets People!
I am renovating a duplex and am currently working through how much to invest (how nice to make it) in it as either a rental property or an Air BnB in Colorado Springs.
Do any of you have any tips or information on how to best calculate a refinance of a multi unit? I am in the process of running the numbers to maximize profit while pulling out the most possible funds for the next deal.
You'll be able to get 70-75% LTV on the refinance of a MFR.
Are you thinking of BRRRR? If so there are a lot of moving parts and I'm not sure how banks look at Airbnb figures compared to long term rent. I'm assuming not as favorable as they are typically a number of years behind real world activity and they prefer tried and true methods. Personally I'd love to BRRRR while doing Airbnb and think it makes a lot of sense! They say to make sure not to overspend when renovating for Airbnb and any rental for that matter. I would suggest more standard finishes for long term rental and maybe finishes that are a little more fun if doing Airbnb to draw a visitor's attention.
Thank you Account Closed, thank you!