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Updated about 9 years ago on . Most recent reply

Kevin C.'s profile image
Kevin C.'s profile image
Kevin C.
  • Investor
  • from Wilkes barre, Pennsylvania
  • Member since Jan 8, 2015
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53
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1
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Kevin C.'s profile image
Kevin C.'s profile image
Kevin C.
  • Investor
  • from Wilkes barre, Pennsylvania
  • Member since Jan 8, 2015
Connect
Kevin C.
  • Investor
  • Wilkes barre, PA
1
Votes |
53
Posts
Private Lending & Conventional Mortgage Advice

Refinance to buy another Property

Kevin C.
  • Investor
  • Wilkes barre, PA
Posted

Here are the basics:  

Cost 100 k    25 k down  75k  20 yr loan. : 466 mo MTGE  Pmt   RE  3000 per/yr (monthly cost Mtge/RE/Ins/ =900 )

Renovation/repairs etc  :  50k (appraised Value now 160k)

Rental income  :  Gross  25 k…

Question:  Would like to take some cash out to buy additional properties.  Would like to use the Rental income as collateral?  

Any other info needed please let me know.

Txs

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