Updated about 4 years ago on . Most recent reply
BRRR
I just bought my first hold property September 9th. On the first of November my new tenants will be moving in. How long should I wait to do a cashout refinance. I would like to get another property and start all over again.
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My BRRR strategy is as follows single family homes only ( I have 7 homes in metro PDX). Target purchase price at least 20% below market value (just scored one almost 30% below and close tomorrow). Down payment as low as possible 20-25% depending on lender (use others money when you can before your own). Will recoup at least 10% of my initial investment in 1 year with rent profits. Tenant credit score of 700 or better. Reno will not exceed 60 days and I do most of work (I'm a journeyman level trades guy). Pets OK (I have a dog) what's good for the landlord is good for the tenant $250 security per animal.. Refinance as soon as possible to extract minimum $50K clear per house. First, last, $1K and $250 per pet to move in. Hold open house and will rent in about and hour, advertise on Zillow, Craigslist and the like . $35 per adult credit check and qualified applicants bring financial info to open house. All rent checks to be postmarked by the 1st of month to my PO Box. $25 late charge per day. Raise rent annually 5%. Welcome to $250K+ per year.