All Forum Posts by: Jack Mawer

Congrats on completing the rehab in such a short time frame! Happy to connect and explore refinancing options

Good luck!!

I think your head is in a great spot - midterm rentals are a great happy medium between STRs and LTRs and should provide you with enhanced cash flow!

I would recommend looking up local real estate meet ups in your area and attending as many as you can - this will be a great way to network with lots of players in the industry including real estate agents, investors, wholesalers, lenders, etc

I would say go for it - there are tenants who much prefer houses over apartments for many reasons such as a driveway, personal backyard, storage, etc. Many people would rather rent than buy - I would do some research on the market you would be investing in and find out some information on what houses rent for, how long they were are the market before getting a tenant in place, among other things. If you can afford a mortgage, the worst that could happen is having equity in a home that is bound to appreciate, and having a mortgage payment instead of paying rent with the ultimate goal of cash flow when you end up renting it out. Best of luck! 

It would depend on the current value of the home and the extent of the repairs. Have you considered adding an ADU instead to boost your rental income?

I would talk to a knowledgeable hard money lender in the area who should be able to provide you with realistic ARV, especially if there are similar properties that were rehabbed in your area. In terms of a cash out, most lenders like to see some seasoning (minimum 3-6 months) of owning the property before you can actually tap the equity in the property.

First off, very impressive that you were able to add value to this asset and be able to sell with a $40-50k profit in such a short period of time in a volatile market. It is up to you if you want to bet on an appreciation play and take the small losses each month with the ultimate goal of refinancing when rates fall and getting to a point where you can cash flow. However, keep in mind other expenses if you decide to keep it like tax, insurance, property management fees, etc. I think that you did a great job on this flip and would be better off making a profit on this one if you are able to sell easily. You can analyze your next deal more so for the back end of things (refinance) and pick an asset where you could see cash flow being probable - you'll also have the cash for a down payment and have some skin in the game! Best of luck.

What LTV would you be able to get for a cash-out refinance? Seems like your current debt is already close to 80% of the property value.

I would highly recommend continuing to educate yourself and making sure you have a decent amount of reserves in the bank - I think continuing to go to meet ups is wise and the more investors with similar shared experiences you can talk to the better. I would also recommend you have a good network of people wherever you are looking to invest to monitor your property for you and keep you updated on the progress - best of luck!