All Forum Posts by: Frederick McCree

 @Adam E. 

Took the idea right out of my head Mr Sorrell. I assumed a heloc would be my best route to accomplish my goal torwards my next home purchase. Appreciate your thoughts man, thanks!

@Keith Perkins

Nice! That’s great news sir. Trust me I agree about the Credit Cards, unfortunately it was a necessary evil and calculated move. Your advice about the Refi is noted. The improvements “not necessarily, upgrades to Kitchen Cabinets and bathroom sink are repairs and replacements I could tell since purchase needed to be made, so the refi would help with that. Appreciate your thoughts! 

@Anthony Wick

I agree Mr Wick

Taking advantage now seems positive 

@Jose L Torres

Bingo Mr Torres! I want to avoid that like Covid-19. Thank you for the advice

@Cassi Justiz

Cash flow is a non-existence at the moment. Rather or until I move out (currently house hacking) my duplex. 

I have mild credit card debt that stems from the purchase of the duplex I reside,(had to live off CC for a few months) however that debt is manageable. Beyond that and my mortgage I’m debt free. 

My existing tenant has a lease that ends, end of April for the previous owner & landlord. I’ve already sent out a new lease agreement under me this month, so I’m hope I’m covered there. Ideally the hope of me doing a refi is to:

Completing my basement for additional bedrooms

Updating Cabinets in kitchen

Replacing a sink in the bathroom

Paying off CC Debt (remaining) 

Funding new investment property 

that’s the goal in a nutshell..  

@CJ M.

Ha! Thanks for the Tax dollars

Your right about doing rehab before the appraisal to maximize the refinancing amount. Yet, funds just aren’t present for that. I won’t cash flow on my current property UNTIL I move out and rent the unit I’m residing in, besides the unit my tenant is renting.

I think I will try to do what I can before a refi, then bite that bullet and commit to refinancing to do the significant upgrades.

My appreciated CJ, the wheels in my brain are churning ideas.

Thank you Sir!

@CJ M.

Thanks for your reply CJ

I’m a retired vet. I have and live in a tenant occupied duplex. The property I currently have (duplex) could use some minor rehab, plus I’m reaching the end of one year living in my current home and ready to buy more real estate to add to my portfolio.

Rates apparently are the same for me when I purchased back on Oct, according to my lender 3.5%

I’m still new to this and very cautious to make as few mistakes as possible. Your advice is gold to me

@John Thedford

Thank you Mr Thedford.

Done & Done..

I’m on my first investment property with aspersions to purchase my second with 4-6months. Should refinancing now to fund the cost of rehab on my existing property, plus funding the cost of the new purchase wise in our current climate?

Your thoughts..

I currently own my first investment property with aspersions to purchase my second, possibly within 4-6 months. Is it wise to refi now (for home improvements to existing property & available funds for next purchase), or should I wait till the coast is clear?

I appreciate the advice in advance