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Updated almost 8 years ago,

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3
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0
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Ryan McCarty
  • Telecommunications Attorney
  • West Palm Beach, FL
0
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3
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Looking to refinance for the first time...looking for advice

Ryan McCarty
  • Telecommunications Attorney
  • West Palm Beach, FL
Posted

I have used my 4 eligible FHA loans for three investment properties and a primary residence. I have been fortunate enough to acquire 3 other properties in the 120-160k range that are not encumbered. They are all rented for approximately an 8% annual return. I am seeking to refinance some or all of the properties to start the BRRRR strategy. My credit is high 700s and I continue to work a w2 job. I plan on shopping around at the local banks to see what types of rates and terms are being offered. What would be a good expectation regarding interest rates and terms in this situation. Also, would it be better to cross collateralize all the properties and get one blanket loan or try and refinance each property individually? Is there a target interest rate I should be shooting for? I assume 5% or better would be a good number for a conventional refinance as I am fine with leaving 30% in the ground for each property. Thanks for the advice!

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