Potential 9 unit multifamily value = 2 million
Cap rate – 5%
Down payment 40% – 800k
Goals: Equity, initially. Over time, cash flow and equity
Is it a smart idea to cash out refi on these properties in order to cover a down-payment for the 9 unit apartment?
Cash out would increase total combined mortgage by 2000 per month max.
These are close estimates of my numbers. Estimates.
- Married. No kids. Combined income from work 180k.
Income from current properties: ~50k after everything is paid off.
Please wring my neck if I need anymore information. I'm sitting at a bar with the wife, drunk, and tired from long work week
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