Rental Property Investor · Smyrna, DE · Member since 2017 · 6 posts · 9 votes
So I am looking to add more properties to my portfolio, I typically buy turn-key single family units. But, I am low on cash. I typically use a conventional loan that requires a minimum of 20% down. What are some of the things I am doing wrong and should I look at something that has an ARV of greater than my 20% to refi after the rehabbing?
Or what other options do you typically use? In my market a typical unit can cash flow about $400 per month.
Do you have equity in your primary residence or any of your investment properties? If so, you can pull out up to a 75% LTV on an investment SFR property and up to 70% on a MFR investment property, with conventional.
Rental Property Investor · Smyrna, DE · Member since 2017 · 6 posts · 9 votes
6y
@Jerry Padilla
Thank you! I am actually in the process of getting my primary residence appraised, if the values come in where it should I think I'll be around 70% LTV. My rental unit is probably at 70% as well. Which doesn't leave me much to pull from. I have just enough cash on hand for another deal but, worried to use up all my cash.