In the current climate, we can all do with a little extra advice and support on the different parts of the real estate investing business. On the show today we have Brian Burke to shed some light on refinancing and how to do it to your best advantage. We hear from our guest about his experience in the field of real estate and how he is currently positioned in the space. After that, Brian shares his thoughts on refinancing and his own best practices for the process. He shares parts of the process that have led to trouble and a particular story in which he ran into some difficulties. We discuss amounts of time for holding property before looking to refinance and then get into the different costs that can go into it. Brian makes a strong argument for using floating rates in order to avoid certain risks while taking on smaller ones and we finish off thinking about important aspects to focus on during the corona crisis. Make sure to tune in to get it all!
Key Points From This Episode:
- Brian's current setup in multi-family and what his business does.
- The refinancing process and how and when Brian goes about it.
- Troubles that Brian has faced during the refinancing process and one example.
- Periods for holding a property before looking to refinance.
- The fees associated with the refinancing process and why Brian prefers floating rates.
- Potential downsides of floating rates and how the upside outweighs this for Brian.
- Brian's asset management superpower; survival and making it through difficulties.
- Advice from Brian for those going through the current turbulence with COVID-19.
“I’m a real big believer in a buy and watch investment strategy which means we buy the asset and we improve the asset and we improve the income and then we watch the market for the right time to exit.” — Brian Burke [0:01:25]
“For us, it’s really about timing and how long we plan to hold.” — Brian Burke [0:02:11]
Links Mentioned in Today’s Episode: