Refinance Your Investment Property - How's 4.87%, 30 Year
If you’re a real estate investor, it’s been a tough go in the last few months when it comes time to refinance your investment property. But things have changed in the last 2 months that can increase an investor’s cash flow rental property.
The investors that we have wholesaled our investment properties in Philadelphia, as well as our own properties, have seen the rates come down to nice levels. The cash flow potential as increased with these lower rates and terms. On top of that, effective March 1, 2009, property limit to 10. Although the qualifications are still a bit tough, as Skip Lucas comments from Creative Mortgage Broker.
MAC Investments has both hard money and refinance programs. Of course it depends on your own situation, credit score, income, etc.
To have seen rates like these just 2 months were unheard of. When we refinanced two of our properties in late December, our rate was 6.7% for 25 years. That was great! Back then. How things change in two or three months.
In all, for those that are active real estate investors, these terms will be able to add to your monthly cash flow - your bottom line. The best thing to do is contact SEVERAL finance sources and see what they have. Check out for some sources to start with. Click on the “Refinance” and “Hard Money” buttons on the left.
One of the things we’ve seen over the years is that an investor will call ONE bank and get a lousy rate quote or strict qualification limits and then say that they can’t refinance. It’s like shopping for a TV - you go to several banks (preferably small ones), call several financial sources, and see what’s available. AND DO THIS WHILE YOU’RE LOOKING for an investment property, not when the rehab is done.
Comments (1)
I'm guessing you need 20% down to get rates like those right?
David Franks, over 15 years ago