All Forum Posts by: Austin Nix

Thank you everyone! It's a long term rental, duplex. Cash flowing a little over $200/month total after all expenses accounted for. A HELOC would take any of that residual cash flow and possibly more. Needing about 40k to close the deal, this includes 15% down + closing costs. No rehab required, existing tenants in place. Anybody have an idea at what point you could refi to bring that mortgage down and increase cash flow? A part of me thinks I could make it work for the first year and then try to refi to improve the situation financially.

Hello everyone! New investor here! I've found a property I like, ran the numbers and want to pursue it. But I don't have the capital for a down payment. A cash out refi would raise my personal mortgage at least $650/month and the cash flow won't really offset that. Same scenario I believe with a HEL or HELOC. I can't think of a way of getting the financing without it placing a possible burden on my family and I. Any answers? Is it as simple as waiting and saving to be in a better financial position? Thanks!