All Forum Posts by: Ray Wu
Ray Wu has started 0 posts and replied 3 times.
I know this post is 4 years old - wondering if there are new wholesaler leads in Flagstaff. Antero Gracia moved on. Thank you, Brian.
Post: What's stopping you from buying your 1st investment property?
- Posts 3
- Votes 115
Originally posted by @Salvatore Lentini:
@Ray Wu - I'm a little confused on your question. You can't acquire a property through a cash refi. A cash out refi can only be done on a property you already own. You can then use those proceeds to acquire another property. There's no right answer on the type of property you should buy. I know investors that only buy single family rentals and I know others that avoid single family rentals like the plague. Depends on what you're looking for and what your long term plan is.
Hi, thanks. Yes, I should clarify. I have a property and equity in the property for the cash out refinance.
Your raised a good point. My goal is to generate passive income; but with cash out refinance strategy to buy and build equity, it will take a long time for the loans to be paid off and the passive income to kick in. I may need to reconsider my objectives.
Post: What's stopping you from buying your 1st investment property?
- Posts 3
- Votes 115
Just starting out. I am looking to purchase an investment property through cash refinance.
There are limited multifamily within my price range (ie. in Salt Lake City, Portland, Eugene, Santa Fe) that would completely service the refinance monthly payment. The risk is also in making sure the duplex or triplex are fully rented out.
Should I be looking at Single Family Home or Condo instead, and don’t max out on 75% cash refinance?