Bradenton, FL · Member since 2017 · 168 posts · 39 votes
We have about 1 million in equity growing our portfolio the Dave Ramsey way I have to say it slow and stressful..lol. We would like to cash out refinance up to 500k but I honestly do not know what kind of terms (i.e.30 years or closing costs) and how to close this over our LLC with mostly SFR in it.
Basically I've bedn good at Buy, Rehab, Rent, Repeat....but notice..no refinance.
Investor · Henderson, NV · Member since 2018 · 102 posts · 38 votes
5y
It depends on how long you'd like to hold them and if you need the flexibility to sell them off one at a time. A blanket loan can make it simple and roll all of your properties into one loan. You'll have one payment and it would be much easier to manage. That being said, if you wanted to sell 1 underperforming asset or 1031 exchange or anything like that, you'd have to refi that property out. My partner and I refinance each property individually (unless they are on the same parcel) so we have the flexibility to sell or exchange as needed. You may also find that the ARV might be higher individually. It's time consuming to refi all individually, but that's what I prefer. There may be more benefits to the blanket loan option, but I haven't gone that path. @Elise Marquette
Bradenton, FL · Member since 2017 · 168 posts · 39 votes
5y
@Elise Marquette Hey Elise! Thanks for the reply. Do you work with investors near the Bradenton area? We may move down there and would like to possibly talk with you. How can I get in touch with you?