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though we now have good cash flow we have spent around $8,000 renovating units which is great but now we only have around $8,000 in the bank. Our plan all along was to save up the cash flow to use for our next down payment but at the current rate it could be another 2 years.
Cash is king. What you have now is gap money. Enough to fill in the gaps but maybe not to fund a down payment with traditional lending. It might be enough to secure hard money (or private lending if you can get it).
Oh, and I plan to sell my duplex since it is 90 min away, one way, from where I live and this new apt building and will be chump change from an income perspective. So I'll be able to pull my cash out of it.
So I recommend trying to find a deal where you can get owner financing to assist with the liquidity problem. I also agree that you shouldn't refinance,as long as your existing units continue cash flowing to pay the bills.
It was great that we were able to purchase our first property and it is going well but we really want to accumulate more properties and after you spend most of your cash to get the first one it is proving difficult to get a second one. I feel that once you get to 3 or 4 properties it will start to snowball but the process has been slow so far. I think most investors would like things to move faster and feel held back by lack of funds, myself included. Things would be a no brainer if I could get 100% financing.
cash in the bank than you and over $25k (17k down payment and about $8k) tied up in a duplex that I bought last year. I clear about $400/mo with it. But in April of this year I saw a local apartment building that I had my eye on have a 50k price drop down to $245k. I thought it was within my reach but I would need creative financing to assist with the down payment. My step dad suggested I ask for owner financing. After a couple weeks of email negotiations we had settled on a deal where the owners would provide $60k financing and I would borrow $200k from my existing lender. I close on the deal next week and will have over $20k in my pocket afterward to use for contingency and minor renovations to get the building above the current 40% occupancy.
We save all of our cash flow and keep it in a small business checking account. The problem is even Nike Roshe Run Mid Running Shoes
A third option would be for each of us to throw more money into the pot. (our least favorite option and we don't have a lot of cash right now)
Purchase price was $84,000 and we put 25% down with a 4.5% fixed rate for 20 Nike Roshe Run New York Buy
I had a similar problem recently. I had even less Roshe For Kids
years (Purchased from a couple before it was on the market and got a very good deal on price as they had paid $115,000 for it). The building is just under 3,000 sq ft and it contains 2 one bedroom units and 1 two bedroom unit. There is also a small laundry room. We have made various improvements to the units and our gross monthly rent is currently $1,885 which puts our cash flow around $800 per month.
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We have contemplated trying to refinance the property but we realize we may not get terms that are as favorable as we have right now and that would hurt our current cash flow.
If you don't want to go that route you are going to need to find a way to bring in more money by clamping down on your expenses and maybe doing some side jobs or doing some wholesale deals.
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How to get from the 1st property to the 2nd property
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