All Forum Posts by: William Breymann

Hey all, looking to buy my first rental property in Pittsfield and would love to connect with fellow investors. Found a monthly meetup at zucchinis in Pittsfield and wondering if anyone here goes or could recommend one? Thanks!

I'm in a similar situation as you with our primary and th equity in it. I've been planning to use a HELOC so we can keep our low interest rate and if you're confident you can pull off the brrrr (I'm not sold I can yet) then use that and when you refinance you pay off the HELOC balance. I'm back and forth between attempting brrrr and just saving up as much as we can for a downpayment and using our heloc to top the rest off. Curious what you decide to do though and good luck with it.

@Matthew Crivelli thanks I'm leaning towards saving and watching what happens w the economy but keeping an eye out so who knows. I'll reach out next week and hopefully we can chat. Thanks for the response.

Morning, my name's Will and I'm a new potential investor. Like many it seems, I'm attracted to the idea of the brrrr method. Have a good amount of equity in our home so was thinking about buying cash w our heloc and then using it to rehab but it seems that between interest rates and our local banks not having good cash out refi options, the numbers won't work. One told me I could pull 65% out but that they weren't offering fixed rate mortgages, just variable (but there was a chance they would be doing fixed by the time I refinanced?) Another commercial loan officer said they would do 75% of the purchase price + actual rehab costs and then it would be a 5 year ARM. Reached out to a loan officer through BP but haven't heard back yet. I have good credit and work in healthcare and have never had trouble getting loans but is this a case of having to make relationships and prove myself or is this just the state of financing right now? I'm in the Berkshires, not Springfield if that matter. At this point I'm leaning more towards just saving up as much as I can for a 20% downpayment and not brrrr'ing. There are a ton of moving parts to pull off a brrrr and seems like it might not be the best move for a rookie, even if I can find financing that works. Appreciate any feedback or thoughts on my situation or recent experience w cash out refi's in western ma. Thanks!