All Forum Posts by: Blake Hudak

I appreciate the feedback. Those comments make a lot of sense. I will have to shop around and see what it would take to close on a new loan. If I can pull 30k out and be able to reinvest that in a short amount of time I would be in great shape.

I can definitely see how buying the home with cash, fixing it up, and then applying this method is so advantageous. That would seem like the plan to strive for if you are trying to modestly increase your portfolio every year. 

Hi,

Looking for advice on refinancing, and how to best capitalize on my situation. I own a duplex and I am looking to continue investing in 1-4 units homes in my area with any cash that I could free up.  

-Loan balance is $65k @ 3% interest, on a 7-1 ARM loan (I am 4 years in), so some type of refinancing is inevitable.

-Mortgage, interest, and tax Run about $675 a month. Then of course there are other costs. 

-Rents for $1800 a month

-Estimated value is around $130k based on comps of other rentals in the area. 

So the question is, do I refinance to pull the cash out and accept far less cash flow? Or do i maintain high cash flow, do a conservative refinance, and hammer down on paying off the house? I worry that at higher loan values the numbers will not make as much sense, but I also want to keep adding doors to my portfolio. 

Thank you.