Hello, I haven't been on here in a long time. I just recently finished with a studio renovation here in Honolulu. I don't have a mortgage on this studio property. My initial plan is to get this studio appraised, and look into either getting a HELOC, or a cash out refi. I am using this one to be the foundation in order to be able to leverage and continue to grow my portfolio. Any information will be appreciated.
If there are local investors, I would love to connect. Hope everyone is well.
I’d do a cash out refi. I did a cash out refi on my first property that was paid off last year. Took that $ and paid cash for an ugly beater. Fixed it up then repeated. I bought three more houses off the original cash out refi. They all cash flow a little and the last house is paid off and cash flows 1k/month. My original paid off rental cash flowed 1k so I’m getting more cash flow, plus I picked up 3 more properties basically for free with the cash out refi. I might start repeating since I only have 8 mortgages if my wife will let me. Lol
@John Morgan I am leaning towards that with the rates being so low. I hope that I can talk to the banks here this week and see what they're going to offer me. I apologize for any typos. Lol!
Check with smaller banks and credit unions too. My credit union offers cash outs on investment properties for 3.25% on 15 year loans with one point. Not bad, but not great compared to what some on here are posting. Good luck!
@John Morgan I'm on the hunt right now lol!!! I will definitely be looking to see what I can get and grow this portfolio. Thank you!!!