Advice please!
Hi guys,
I purchased an SFR using private money and am now in the process of doing a cash out refi. My goal is to be able to purchase more rentals but without having to use private money (since it's not always available). Can someone please tell me if the right thing to do is to pull out as much money as I can from this property so that I have some cash on hand for my next deal? I'm a single parent with a house of my own to pay for and I definitely need to stay on the somewhat safe side.
The details of the property are as follows:
Purchase price including closing costs: 76k
Rent: $1050
Taxes: $150/mo
Insurance: $90
Repairs- minimal
Appraised value: $150k
After repairs were made, interest on the loan was made, and I pay my private lender off, I have zero of my own money into this deal.
Any advice or direction would be helpful :) I have two flips under my belt and also own a quadplex with a partner. I've read a million and one posts on BP. I'm definitely not being lazy. I just hesitate. Often. .....and question my ability to make the right decisions and am very worried that I'll make that one wrong decision that will change the game for me.
Thanks in advance!
Nicole