All Forum Posts by: Jimmy Moncrief

Great guide! Thanks for sharing!

I agree! My neighbor is adamantly against cash-out refinancing because you are always keeping your balance sheet leveraged - therefore if any significant downturns happen you don't have ANY equity.

He bought a duplex in LA in the 1970s. He kept doing cash-out refinances to jack-up his IRR. However, he almost lost it in the late 70s after a downturn.

If he had held on it would be worth around $4 million now and paid-off.

Great outline! Thanks!

Easily the first option - just for simplification :-)

Hey Sal

Do you already own the land? Is it zoned correctly?

Make sure your construction lender is used to this type of structure.  Cash-flow can be an issue when paying subs.

I would highly recommend multiple referrals for each builder you are considering.

Great question!

I really can't answer since I don't know what you are going to do with the money you are taking out.

If it's holding you back from making 15% returns from rental property the rate you are going to get on the cash-out shouldn't matter that much.  Right?

@Karen Margrave - I am a lender here and would love to connect.  

Thanks for the kind words @William Allen 

@cory 

@Cory Cox - Glad it all worked out in the end! 

@david 

@David Hanson - welcome to BP - Chattanooga is a great town and Ooltewah is a hot area!  

Let me know when you want to connect!

My number 1 rule with contractors is: fire fast.

If you get into needing an app that tracks contractors I would use this app: http://realestatefinancehq.com/best-construction-management-app/