All Forum Posts by: Bill Zarzecki

right now I'm at 3.25% on my original mortgage, and I have 1 year left until the ARM goes up. I owe about 48k, and without having a current appraisal, the house is worth roughly 110-130k range.

the houses in my neighborhood, including on my street, are currently renting for 1000/ month.

@Jaysen Medhurst, yes, I am looking to do the BRRRR method once I get rolling

Looking to start purchasing homes for buy and hold rentals, I'll probably do a cash out re-fi on my primary residence. Does it make more sense to cash out and rent my current home to a tenant, or use the cash out and purchase 1 or 2 rentals? My wife wants to move, and I want to acquire as many properties as quickly as I can for cash flow. Just curious if anyone has done anything similar to this, or has any advice on a good strategy, thank you

I haven’t heard of DFY. And yes, I respect Kris’s knowledge and videos, but I can’t see paying for his programs. 

Is it possible then to use the HELOC as a down payment, and then use the BRRRR strategy to pay off the HELOC and start all over again?

@jason diclemente

Thanks that’s what I figured. My fear is doing the refi and not being able to find a good cash flowing property or not getting a tenant quick enough and being stuck with a double payment that I couldn’t afford. 

Can someone help me out understanding the full consequences of a cash out refi?  I bought my home 8 years ago for 59900. Owe just under 50k now. Worth somewhere around 120k. If I refi for the cash, and do the full 80%, that would be a new loan of 96000, minus the 50000 owed, means I get a tax free check for 46000 correct? Is this a smart option to get the 46000 and use that to purchase an investment property, or too risky since I’m assuming my current mortgage will double? I wouldn’t want to get stuck with a huge payment on my home, and if I purchase a rental and the cash flow only covers my new mortgage payment, it doesn’t seem to make much sense. Any advice is welcomed 

This duplex is in my neighborhood, less than 1/2 mile from me. I know my local market fairly well, and the SFH are renting for $1100 on average on my street. With a few minor upgrades, I'm pretty confident I can get 1k for each unit.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

BP community, let me know if this is a good deal or not. Hoping to make this my first deal, would love to partner with someone 50/ 50 to make this happen!

interested. Please PM me your info. Thank you 

I’m in Michigan. Looking for suburbs around metro Detroit. Taylor, Westland, Dearborn Heights, Hazel Park. Lots of decent priced homes in the area. Are you with Lifestyles Unlimited?