Trying to build my empire

3 Replies

So I currently own two duplexes. One I house hack with my VA loan the other is rented and generates about $500 positive cash flow. I have about $50k in equity in the house I live in and am thinking about refinancing my VA loan to pull out 100% of the equity and invest in another property. After I pay off my line of credit (16,000) I will have roughly 35K to invest. Unfortunately with the high real estate prices today and needing 25% down I dont see many options for anything other than hood properties and that makes me nervous. Any advice or ideas would be appreciated.

There are still deals to be found.  Connect with agents that specialize in bank owned properties, wholesalers, direct mail, etc.  Just need to keep at it and the deals will surface.

Originally posted by @Kevin Gregg :
So I currently own two duplexes. One I house hack with my VA loan the other is rented and generates about $500 positive cash flow. I have about $50k in equity in the house I live in and am thinking about refinancing my VA loan to pull out 100% of the equity and invest in another property. After I pay off my line of credit (16,000) I will have roughly 35K to invest. Unfortunately with the high real estate prices today and needing 25% down I dont see many options for anything other than hood properties and that makes me nervous. Any advice or ideas would be appreciated.

Here is what I did. I wasn't able to continue buying small multi family with low money down. I bought a 4 plex with 3.5% down/FHA and lived in it for a year. However, I couldn't get another FHA loan. I noticed that banks make it easier to keep buying single family with low money down.

I went out and looked for single family homes that would make good rentals with good cash flow. I bought one with 5% conventional down, lived in it for two years and then just recently bought another with 5% down. 

Outside of that, I would suggest using the BRRRR method and refinancing to pull cash out and acquire more properties with less money out of pocket. I have done it successfully and it works great but requires you to be much more active in your investing since a rehab is required.