Refinancing/Cashing out a property I recently bought in NYC

[Jimmy Rim]

Hi all,

I recently bought a $1M condo in NYC full cash and plan to buy more real estate properties in the greater NY area by loaning against the condo and repeating it. What would be the best financing strategy? I hear the pros and cons of refinancing vs. HELOC vs. Home equity loan etc. and am a bit confused.

In theory, if I can get an 80% LTV, my understanding is that I would be able to buy

-800K + 640K + 512K + 409K + 327K + ......

by repeating this. Let me know if I'm missing something and general advice would be helpful too. What would you do if you are in my situation?

Thank you all!

[Cameron Tope]

Jimmy,

Yes, you are correct. You can do a cash out refi at usually 70-80% LTV.

I have BRRRR'd many times to buy more property and the most important thing is having a great relationship with a local bank.

With a great banking relationship, I would BRRRR and continue to buy great rentals.

What are your real estate goals?