Help On My Next Step

4 Replies

Still not sure on the next step to take and hoping to get some ideas. Me and and my brother purchased a home about 2 years ago for $90,000 and we have not done anything after that. We did spend another $5,000 on flooring and misc repairs. We paid it off and it is now ours 100%. We have been blessed with our renter who calls us before the due date to go pick up the rent. The house has an ARV of about $100,000. We have not had it appraised but we did look it up on our county appraisal district website and it about $100,000. We eventually want to start with a small multi-family and build from there. We are not getting any younger so we are looking for ideas. Thanks, Jose

I’m assuming your question is related to the first step of funding your next deal...? If so, begin working with local banks to determine who best to refi- cash out on your current property to fund the down payment and rehab of your next property. BRRR.

@Jose Guzman Congrats on getting your first investment property up and running with your brother! If you'd like to switch to multi-family, don't delay till later, plan for it now. 

Consider multiple funding options: a) as @Mike Dorneman stated, look into cash out / refi on your first investment property , b) Look into potentially getting a HELOC on it, c) some owners may consider owner-financing, d) bring a money partner in

And then take action and start looking for residential multi (2-4 units). To pay less upfront you can also consider living in one of the units to satisfy the FHA requirements.

I hope this helps!