All Forum Posts by: Kari Morales

Is anyone in the BP community investing in Mobile, AL? It looks like a good place to BRRRR, does anyone have any experiences or opinions they could share?

I’m looking to connect with a good PM that handles rentals in the Mobile, AL area. Does anyone have any recommendations?  Thanks 

@Alberto Leonard did you ever find a property management company? If so, who did you end up going with? I am currently looking for a good PM in Toledo also.

I have been trying to buy an investment property for several months now, unfortunately each time I place an offer, I am beat by an all cash offer.

I currently own a rental property that has appreciated about $500K since I purchased it back about 10 years ago. I don’t really want to sell it, as I am a buy and hold investor.

My question is, can I tap the equity in my rental property to pay all cash for another investment property? Should I do a HELOC, or a Cash out refinance?

I haven’t done either of these before and would like your opinions on what the best way would be so I can start competing all cash and finally get my offer accepted? Thanks.

@Greg Scott thanks for the detailed explanation. I am not familiar with any other kinds of loans other than conventional loans. I have $60K cash now, and another 110K in a few months after a property (not in the USA) sells. I would like to take advantage of the lower mortgage rates plus I don’t want to put all of my money into one property, so these sound like viable options for me down the road.

I was just lost out on another property I was trying to buy. My agent told me that although my offer was higher, I was beat by an all cash offer. This has been repeatedly happening to me.

My agent told me that some people will buy a property “all cash” and then go take out a commercial loan on the property and get the cash out of it and put it on a mortgage. I am not familiar with this, is it common that buyers do this?

If so, how is it done? I am starting to get discouraged after losing out on several properties and I am wondering if I should be doing this too?

@Grant Thompson

Thanks Grant. I appreciate the info.

How do you determine vacancy rates for a certain market?

I am looking at buying my first multifamily property, however I am having trouble finding what the average vacancy rate is for the area I am looking.

Any suggestions on what resources I should be using and where to find the most accurate data? I appreciate any guidance or suggestions. Thanks.