Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Personal Finance
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 1 year ago,

User Stats

62
Posts
15
Votes
Hyeseong Park
  • Rental Property Investor
  • Philadelphia, PA
15
Votes |
62
Posts

Need cash out refi but don't have a good balance in bank acc, what should I do?

Hyeseong Park
  • Rental Property Investor
  • Philadelphia, PA
Posted

Need Cash Out Refi Loan Estimate (LE) without points. But for refi, I don't have a good balance in my bank account. Should I have at least $10,000 to do?

The scenario is this below and it will be owned for 6 months when it is the end of this December.

Here is the scenario. And I want to know if I must have at least some kind of money in my bank to close deals.

-Purchase Price: $59,000 (but I flipped this house after buying it so now it can be worth between 150~160k based on my realtor) . It is in PA.
-Rehab price: $25,000
-Market Rent: $1,200
-Property Taxes: $1,324
-Annual Insurance premium: $1,200
-HOA fees: N/A
-Number of units: 1 single-family house
-Estimated Credit Score: 690-700

I will not hold this house for over 5~10 yrs so need the best option for me.

Thank you!

Loading replies...