Deal of the Day | Delray Beach, FL Multi-Family
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- čas přidán 28. 03. 2017
- So, you have your first investment property and are ready to move on to the next! But how?
Well, that's exactly what we will be covering in this episode of Deal of the Day.
Dave shows in detail how to refinance your current property to be able to purchase your 2nd and build your rental portfolio on this Facebook Live session.
There's also a special surprise for those who watch ;)
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What's really interesting is when she, again, does a cash out refinance one the new 4 units and gets a third FHA loan for even more units. She'll start cash flowing even more than the $1,130 each month, be able to purchase more units for higher net worth and THEN be able to cash out refinance for a third time if she wants!! It just keeps going lol.
Very insightful and educational. Thanks for the great content please keep it up. I'm looking to purchase my first home this year with a FHA loan, looking for a 3 bedroom for ~150,000. These videos are very helpful in navigating some of the issues as I prepare to make this first purchase.
This is a place to VISIT!!! Delray Beach is a beautiful city. This city is really a small city with finer things, think La Jolla.
i love the deal of the day!!! Please keep it going. I"m learning tons! looking forward to my first deal here in austin tx, 78704.
Great video guys! Keep it up!!!! :)
The numbers are so similar to a rental unit I have, I am waiting until next summer to work this deal!
I'm finding these very useful! I'm wondering if this strategy will still work as mortgage rates go up. I have a very very low rate right now. If rates go up a point or two in the next couple years, would a refinance still make sense? Or does a HELOC make more sense at that point? Perhaps not having the PMI would make enough of a difference for the change in interest rate not to matter than much...
Hey can you do some higher value properties houses near me in NYC don't go for less than 800k?
jad I have the same question.
awesome video
Please add the link to the post in forums. Thanks!
Great works...but if you have only 20k in your hands and if you use all your money, what do you do when economy crash happened? any ideas how to solve this? thanks!
It's wise to always have a cash reserve to cover vacancy and CapEx. With buy and hold investments, as long as you're cash flowing you should be able to hold onto the property until the market recoups!
I live in delray I would love more information
🙋🏻♂️
“You’re basically multiplying your properties without taking any more money out of savings”. Sounds great like that. But it’s never mentioned how the reality is “You’re multiplying your properties by multiplying your debt.” We can call it what it is, or at least mention it once
Instead of using fha for 3% down, why not use conventional?
I dont think a person can have 2 FHA loans at the same time. she will need to refi out of first loan then take out another FHA loan. There are other owner occupied loan products with 5% down
Raymond Jensen 20%
Yes you can I have 2 fha loans.
Congrats to Dave from BP on the DOTD segment concept but besides him saying "aah..." 311 times, the glare shine from the board just killed it for me...after about 25th time in 3rd minute Dave here said "aah" I've just absolutely lost it...sorry but my brain just can't take it.
Dan Vp I'm about to break my fucking phone if I hear it again.
LOL! WE appreciate the feedback! It was a session held live on Facebook so there was no script or teleprompter. Hopefully, it wasn't too unbearable!
BiggerPockets
This shows how professional you guys are even after immature criticism. Keep up the great work with these videos regardless of how unscripted they may be.
How much are expenses not counting mortgage? 4000 a month sounds crazy
Uh
terrible glare on the board
A HELOC though a credit union will give her %100 of her equity, no closing cost and you pay for what you take out, not for the whole loan. You can only have 1 FHA @ 3.5% down, exclusively as owner occupant.
+Peter Lopez interesting. I went to my mortgage company, Wells Fargo. They give 80% of my equity. I'll look into credit union. Thanks for the tip.
+Peter Lopez BTW, do you know if credit union also offer heloc for Rentals? Wells Fargo offers 60% of equity.