All Forum Posts by: Julie Stevens

What size home is your current rental (beds/baths)? Have you seen high demand when you list it for rent? How much money do you expect to be able to pull out of the current rental and still have it cash flow? Price range is going to depend on what you can afford, your appetite for doing repairs, and the rent rates you can expect in your market.

Jayme

Jayme,

I currently have a two bed/one bath home in Mayodan NC. I used a property manager to get it rented. It rented with the third applicant within three weeks. The cash flow has been slow to start though because of a few unexpected repairs that I believed to work prior to renting. Am I correct in thinking that a small satellite town near major city is best target for a new purchase? Very few rentals available in that area.

0 Votes

Greensboro, North Carolina

Quote from @Devin Peterson:

Quote from @Sean Spagnola:

Any cash out refinancing options that would not requiring seasoning?

From my own research this is unlikely. At best I've seen 6 month seasoning periods.

I am targeting properties that have been on the MLS for longer than the average. Hopefully purchase for a discounted price. I'd mortgage them. Do a light rehab to increase ARV. Refinance and pull my down payment back out to start the next. Pretty much a classic BRRR.

I'm hoping not to have my down payments tied up for a 6 months to a year before I can repeat the process.

Any help and advice is truly appreciated.

Sean, no seasoning cash outs definitely exist. You just gotta find the right lenders happy to chat if you have any questions.

Devin, what is no season cash out?

0 Votes

Upstate New York, New York

Hello everyone, I am new to BiggerPockets and I am looking for advice to purchasing long term rentals north of Greensboro in the Madison/Mayodan area. I currently own one rental in the area that was my family home. I am now interested in using the cash out method to purchase another. Any advice on what to look for and price range to maximize return would be helpful.

0 Votes

Greensboro, North Carolina

All Forum Posts by: Julie Stevens

Julie Stevens has started 1 posts and replied 3 times.

Post: Beginner Investor Long Term

Post: No seasoning cash out refinancing

Post: Beginner Investor Long Term