We are needing some feedback on a idea. We have been renovating our home for the past year in hopes to sell for a good profit. We plan on using that cash to start buying rental property to BRRRR... I we are about to finish the BRRRR book and got an idea to refinance, pull the cash out, rent the property.. reinvest... I was wondering if this would be a good idea since there is a mortgage on the home and we plan on moving out of state to start investing. Any help from you guys would be great!
It’s a no brainer! Collecting assets is the way to go. Can you rent out your current property with positive cash flow?
@Jermaine Chad Ingram I didn't see your response until now. Possible to get about $1000-1100 a month rent. We owe about $83k , ARV should be 115-120
I would be hesitant to pull more cash out of this property because there isn't a ton of true cash flow and the additional debt will erase most or all of that. It's probably a sell for me.