All Forum Posts by: Bryan Wegman

Hoping to find some recommendations for a HELOC on an investment property in Chicago. Thanks in advance!

@Jennifer Long I'd ask your banker if refinancing now will affect your VA loan for the fourplex. As far as the refinance, do you have a ballpark of what the what the property will appraise for? Your current loan is for $65k, if the house appraises for $120k you could take out $25k, your new loan would be for $90k and you'd have all your cash back. Obviously this will affect your current cash flow as your monthly principal and interest will increase a little bit. If the property will still cash flow well and you could use that $25k elsewhere it may be worth it.

@Wesley C Smith @Kevin Evers I have a tenant paying with PayPal right now and I believe as long as both people involved in the transaction have their banking information loaded in to PayPal there is no fee.

Congrats on the new property! Wouldn't your "cash invested" be $26k including your down payment? Do you you think you have the option to refinance and pull any cash back out? 

@Dassi Lazar Very creative. Thanks Dassi!

@Dassi Lazar Hi Dassi, great work with your SFR's! I close on my 2nd in January and would like to scale relatively quickly. I was curious how you paid for so many homes so quickly? Did you BRRRR? I haven't done one yet but that's the plan for my next handful of homes. If so, are you typically able to pull all of your cash back out by refinancing? And once you do that your mortgage is still low enough for the property to cash flow each month? Any info, tips and suggestions are appreciated! Thanks!

@Matthew Roder Thanks Matt. Which bank do you work for in Chicago? I lived there for 5 years and have a property in Lakeview that I currently rent out on 2 year leases.

@Joe Arida Thanks Joe! I ended up getting a 30 yr fixed at 5.4% with no points. I think that will work out nicely.

@Mike Chern my banker quoted me less than $1000 to do a cash out refi. Where did you get the 6k number?

@Matthew Roder Thanks for the response! I would love to BRRRR this but I've never done a cash out refi and I'm unsure how realistic it is for this property. But being able to get some of my $27k down payment back out would fantastic. If my calculations are correct, if in 6 months the property would asses for ~$160,000 I could pull out ~$15k. Does that sound about right? Wha does a cash out refi usually cost in terms of fees and in this example how much would you estimate it increases my monthly payment?