Quote from @Kevin Akers:
Quote from @Jaycee Greene:
Quote from @Kevin Akers:
Quote from @Jaycee Greene:
Hey @Kevin Akers! I'm curious why your bank rate recently increased? Did you have an ARM that adjusted? The decision about the cash out refi all depends on the different terms from the lenders. Have you gotten any term sheets or commitments about this yet?
What would help the community is for you to share as much info as you are comfortable, but the appraised values, current loan balances, and the current rents would be a good start.
Jaycee! Thank you for your input.
Property 1
Laon balance 51K, appraised for 127K, rent $1095
Property 2
Loan balance 55k, appraised 126K, rent $1195
Are these 1BR or 2BR?
The are 3 bedrooms
Assuming these are in Charlotte, the rents seem very low for 3BR units. The average FMR in Charlotte is around $2,150. Even without that, you should have no issues qualifying for a DSCR loan with a local bank. Unless you plan to sell one of these in the next 5 years, you'll probably get a better deal if you try to refi both of them at the same time. Just my 2 cents.