Introduction and refinance question. · BRRRR Real Estate Investing

Introduction and refinance question.

Hey guys. I’m Stephen and live in Collinsville OK. I’m a mechanical contractor with a hvac business and a fireman every third day.

I’ve got one rental and another I’m currently rehabbing. Hoping to have it rented in a month or so. I was able to cash flow the first property so it’s completely paid off. The second one I bought outright with my heloc. (So paying that back currently). My plan is to mortage the second one and hoping to get a mortgage on the first one as well at some point to pull equity to fund the next project.

First property is a 3 bed 2 bath mobile home on 5 acres. Not the ideal rental but it’s across the street from my house and really wanted the land. Land is around $20-25k per acre in the area so I would value the property around $150k conservatively. Is this something I could do a cash out refinance on? Say for $100k

@Trichelle Hardy

? It’s rented out for $1000 a month currently.

Second property is more of a traditional property. 2bed 2 bath 1000sq ft. Corner lot in town. New roof, siding, windows, hvac, electric. Full gut and rebuild. Doing most of the work myself. Have a renter lined up for $1300 month.

Looking forward to learning and working with this group to hopefully buy more houses. Thanks in advance.

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