Using a Refi to Get My Second Rental Property

[Jake Burkons]

Hey BP Community,

I recently finished renovating my property and am now looking to leverage a loan against it to fund another buy-and-hold investment. At the moment, I’m focusing on areas like Slavic Village or the west side of Cleveland, aiming for a single-family house under $100,000.

Has anyone here done something similar? Is there any other neighborhoods I should look into that might better fit my needs? I’d love to hear your thoughts and any advice you might have!

Thanks in advance!

[Jake Burkons]

Hey Joe, I really appreciate your detailed response and the push to get into the real numbers — that was super helpful.

I ran the full calculations on my end using actual rent comps, rehab estimates, and all the controllable variables I could dial in, and it gave me a much clearer picture of the deal. Most of your assumptions were spot-on, and seeing it laid out that way helped me confirm I’m on the right track.

Thanks again for taking the time — really appreciate your insight.