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Updated over 5 years ago on . Most recent reply

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Ryan Matthes
  • Investor
  • Santa Monica, CA
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Novice seeks advice!

Ryan Matthes
  • Investor
  • Santa Monica, CA
Posted

Hey everyone my name is Ryan. I had a quick question regarding building an income property portfolio.

My grandparents passed away and their single family home is fully furnished and unoccupied. It's been sitting for a while so it definitely needs some love. The house is paid off so my mom and my aunt and myself own it out right. I want to use the BRRRR method to use our existing equity to roll in to new income properties to start building a portfolio.

Is this the best way to approach this situation? What should we look to do first to get the house to a place so it can be rented and reappraised? Any other suggestions would be amazing, thank you.

Ryan

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Jerry Padilla
  • Lender
  • Rochester, NY
1,419
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Jerry Padilla
  • Lender
  • Rochester, NY
Replied

@Ryan Matthes

Maybe a home improvement loan or personal loan to get in up and running. Then do a cash out refinance to pull the equity out, pay back the loan and have funds for the next purchase. A cash out refinance requires an LTV of 75% for a SFR investment property.

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