All Forum Posts by: Matt DeBoth
Matt DeBoth has started 10 posts and replied 62 times.
Post: Using mortgage to pay for rehab
Matt DeBothPosted
- Rental Property Investor
- Carroll, IA
- Posts 63
- Votes 53
You could ask the bank to do an ARV loan on the house and depending on your numbers you could get 100% financed to purchase and do the repairs.
Example: I bought a house for $35k. ARV was $154k. The house needed $65k in repairs. All in I was at $100k. The bank that I use for most of my deals loaned me the full amount with no payments for 12 months. The house is under contract for $165k right now.
This is a rare example but it is possible.
Post: How does one afford multiple properties?
Matt DeBothPosted
- Rental Property Investor
- Carroll, IA
- Posts 63
- Votes 53
If your not wanting to do "house hacking" try doing something like the "BRRRR" strategy. Sweat equity is the easiest way to get equity if you don't have a lot of cash.
Finding something that is turnkey and has enough equity in it for you to refi to buy another property isn't very common but they're out there.