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Updated almost 7 years ago on . Most recent reply

Stacking method to grow exponentially
Hi BPs,
I bought my primary res in Nov 2010 for $125k, I came to closing with $31,744.99. Zillow says it's value is around 200k. I still owe $83k with mtg of 480$. No escrow.
I moved into my now husband's property and rented out my home. Getting the house rent ready has costed $15k masterbath remodel and $7k for new roof.
Tenant pays 1350/month until oct 2019.
PM fee is 10% monthly
Yearly:
Insurance 1400
Taxes 1100
Hoa 820
Ive been looking for deals in FL but nothing meets Brrrr with 70% rule. Nor turnkeys for 1-2% rule to buy and rent.
I have cash and credit. Looking for mentors. Advice pls.
Goal: own 15-20 properties. Interested in midwest market (in,mi,mo,oh) and texas. I like sfh and can look to mf as an option. I like rent to own/lease options for some properties once I grow.
I have my primary/rental property. Should i use cash out refi to put down on 2 properties or more? Should I get a $40k loan from my 401k? If i wait til 2020, then I can get a 401k loan out for max $50k. Thats a year for an extra 10k.
Is it doable to squeeze min 2 properties from cash out refi and 2 properties from 401k loan?
What are your thoughts? TIA!
Most Popular Reply

Mike Dymski
#5 Investor Mindset Contributor
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- Greenville, SC
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I would recommend selling within the next three years; otherwise, you are going to lose the capital gain exclusion on the sale of your personal residence.