All Forum Posts by: Zachary Hollander
Zachary Hollander has started 1 posts and replied 3 times.
Post: Cash out refinance for investment
- Prescott, AZ
- Posts 3
- Votes 1
Quote from @Benjamin Wakefield:
Definitely get the cash out refi going ASAP. That capital is super valuable to use on any property regardless, that way, once you find the property, you don't have to wait for the refi to go through!
I am doing the same, I just make sure I added as much value to the property as possible, within reason to get ready for appraisal.
That's the plan! We are working with our lending company to strategize exactly when to finalize the refinance as we plan to paint our current home exterior to help try and give it some boost on value. We already remodeled the inside completely and updated it so now we have to focus on the outside to try and bump the value up some more.
Post: Cash out refinance for investment
- Prescott, AZ
- Posts 3
- Votes 1
Quote from @Steven Guhde:
My wife and I did just this thing last Fall. I would recommend looking at rabbu or airdna if you haven't yet and see how much different properties could bring in in monthly income. We were lucky enough to buy a fully furnished condo which I would recommend if possible since it allows you to essentially list the Airbnb property in an hour and start getting income. Not sure what properties run where you're at, but try to get as many bedrooms as possible, since each additional bedroom can add a sizable amount of income. Hope all goes well!
Our pricing isn't terrible, but is very competitive. Pretty much like everywhere else. I think we are going to aim to find a fixer as they are drastically lower priced. Depending on the property we can find it may turn into just a flip to raise more capital for the next one. We will see. Thank you for the tips though regarding airdna, I had not looked into it yet!
Post: Cash out refinance for investment
- Prescott, AZ
- Posts 3
- Votes 1
Hey everyone,
We are in the process of doing a cash out refinance on the home we purchases last fall and expect to be able to pull 100k/ maybe more from the cash out. My wife and I have a plan to buy an investment property to use as an airbnb. We have done our research and narrowed down the areas of our town we'd like purchase in due to it being close to the main attractions. We've looked at other airbnbs in our market and they all are doing well. Our market isn't crazy competitive yet when it comes to amount of airbnbs in the area.
What would be the next steps if you were starting this process?