All Forum Posts by: Johnnie Bembry

I’m a newbie and I’m looking into an 8 unit property. I have most of the numbers I need but I still need utilities costs (owner paid). How would I figure out how much the gas, electric, water, trash, and sewer cost per month? Is it as simple as just calling the respective companies?  

Lastly, to determine how much rehab is needed for each unit do I schedule a walk through with a contractor or is there someone else that’s better for determining those costs? 

Thanks in advance! 

@Jaysen Medhurst
I'll look into a HELOC. The $30K bonus was after taxes.

I talked to a lender and I could refinance my house and get $32K out of it. My new loan would be $195k at 4.9% and my current loan was orignall loan was at $170K at 3.8% (before being paid down to $159K). My new mortgage payment would go up $225/month (definitely managable) but I'd be free of "bad debt". I want to use the $32K to clear my debt but I'm not sure if it's worth going up a whole percentage point. I'm also lined up for a $30K bonus next year so my thought was to use the cash-out refinance to clear my debt and improve my credit score then use the bonus money + much improved credit score to start real estate investing. Any advice would be much appreciated. 

@Jake S. I really appreciate your input! 

@Jake S. Yeah, the more I look into it the less advantageous is seems. I'm hoping to receive a bonus for work within the next year and that will pay off whatever bad debt I have remaining. What's your thoughts on cash out refinancing down the line (1yr-2yr) to finance/buy a property? I'd like to use the BRRR strategy to amass properties as I want to be a buy and hold investor.

@Jake S. My house is vauled between $250k-$260k and my mortgage balance is $159K.

Should I refinance my home to payoff $45K in “bad debt”? I want to pay off this debt & start investing in real estate. Credit card/car rates are between 5.9%-20%. I have about $70k in equity in my home and a good credit score. If it matters, I also plan to hold on to my current home (Las Vegas) for the long term even if I’m required to move for work (military). Any advice is appreciated!