All Forum Posts by: Isiah Ferguson

Hey. I am a fairly new investor. I purchased a duplex for cash being inexperienced. Now I am looking to refinance the property to expand my portfolio. My question is Should I refinance and use the cash for the BRRRR strategy and be patient until I find a property or should I buy multiply turn key properties and spread the cash out by just putting the down payments and the start mortgage ???

AWESOME story. GOOD LUCK to you and your family on you guys journey. !!!

thanks

with a free & clear property. Where do I go to pay my yearly property taxes ?

exactly right @Jeff Dulla. My business is so premature I don't have the 2 previous W2's to prove my income. So the bank I didn't find is while too loan me based off of my assets 

Thank you guys. 

Thank you guys. Everyone is appreciated. Okay this is the situation. I know I somewhat didn't approach my first deal correctly buying a turnkey at 81% ARV. Moving forward I found a bank that will refinance based on my credit and assets (the duplex). Both sides of the property are being rented with my gross being $1,200. My business is only 4 months old. The bank is willing too refinance the appraisal value at 70% with 8% interest. Doing the math on a mortgage calculator with P&I and taxes my mortgage payments should be roughly 700$ and cash flow at 500$. This bank specializes in investment properties rental 30 year and fix and flips. How is that a good deal to move forward with the BRRRR concept ? Or maybe I can find a better with a different bank with better rates ?

Thanks guys, you are appreciated. Any other suggestions ? I'm all ears. Thanks

credit at low 700s. It's an 8% 30 year fixed.

Great points, thanks. I have a bank now who's potentially willing to refinance at 8% interest and LTV of 70%. Sounds about right to you ?