All Forum Posts by: Dominique B.

@Bhavesh Joshi so your breakdown is close but my plan is a little different. All in 62k cash, pulling out 50k, cash flow on $1500 rent is $980 ($780 is with 1300 rent), cash flow from 2nd+cash flow from 1st+surplus income pays off HELOC in 6 months. I prefer to use my funds to avoid being too leveraged (which is why only one property with be leveraged at any given time).

@Travis Jacobs house hacking is a great method though lol. Had I studied up on REI before I likely would have gone that way instead of new construction. Best of luck to you!

@Latonya Iskan thank you! And will do ☺️

@Jennifer Dawkins the capital was saved from my W2 over the course of 10 months. I briefly thought about pulling a loan from my primary home but decided against it since I had the capital on hand. Good luck to you on whichever route you take!

@Howard Herrington sure, no problem! Feel free to ping me I’ll help out where I can.

@William Johnson the appraisal will take place next week but regardless of what's extended I will only be pulling out 50k to recycle. I will be firing all cash flow from both properties and surplus income back at the pay down to have it closed out in 6 months. I will then pull out another 50k to repeat and buy again. Cash flow on this deal without the HELOC will be $780 - $990 (taking into account PM fees, capex, taxes and homeowners insurance)

@Terrell Doyle I say build a rapport with them. I actually haven’t run into any not so good ones as of yet but I watch closely to what my resources send me and will be contacting the ones that consistently have deals that align to my numbers next month.

@Kanwar Sodhi I live in the DMV but investing in Baltimore. This property was not listed on the MLS though, I found it via a wholesaler.

@Daniel Umstead lol yes they do. Sleepless nights has it benefits sometimes.

@Allen Williams I was actually planning on refinancing until I spoke to a loan officer when doing some research/product comparison and she asked me why would I want to put a mortgage on a property I owned free and clear?! I did more research and using my property as a credit card essentially to leverage and continue to recycle was the better option for me.