Advice For My Cash Out Loan

[Tina Herman]

Dear BP Community,

This is my first post! I am a green investor and am really thankful for all I have learned after months of reading (and listening) on BP. The time has come where I could really use some advice...

I bought 2 condo, foreclosed properties in Broward County, Fl with cash within the last two years. They were both easily rented and they have both appreciated. I am now eager to take next steps.

My challenge has been finding a lender that would offer me a cash out loan so that I might buy another buy and hold property or two (?). I have now found a lender offering a 30yr loan at 4.725 and 15yr at 3.99. The cash out at 75% of appraisal would basically be worth the sum of what I paid for the properties.

Closing costs are being offered at at 3.5% of the loan (are closing costs to be measured as a % of the loan or should I be sharing the actual cost?).

I have great credit and an excellent salary.

My questions are as follows:

Do the terms of these loan offers seem good?

Would those who have more experience than me suggest I look for foreclosed properties using cash again and simply catch my breath for a bit or is it a better idea to look for deals that don't require cash only buyers and use the cash in conjunction with additional loans?

I hope I have provided all the necessary information needed for others to offer me some advice.

Many thanks advance!

Tina