All Forum Posts by: Chris Coffman

@Axel Meierhoefer That's a great point and was the reason I moved the mortgage to a 15 year in the first place. Thanks for your detailed reply!

Thanks! 

Thanks for the input. I'm at 3.625% right now. I think it might go up a bit. I don't have this one with my credit union and I believe I'm going to go to them for this one. 

I plan on keeping it for the next 20-30 years. The interest rates were my concern also but, I thought this would be the time to do it, before rates start to rise. 

The SFH was purchased as an owner occupied to reduce the upfront cost. I'll end up moving out after a year or so and rent it out. At this time I'd gross about $400-500 a month. The property with the HELOC is a duplex with rents of $2,200 a month. I'm currently paying about $1,500 a month for the 15 year mortgage. I would think it would move to about $1,100 - 1,200 a month if I rolled the HELOC in and changed it to a 30 year mortgage.

Hello, I'm looking for advice on a possible REFI and if it makes sense. I'll try to keep it short. :-)

I purchased a SFH and used a HELOC I had on another property to pay for the rehab. The rehab came out to be about $28,000. The rehab cost ended up being about $10,000 more than I thought it would be. My first thought was to just pay the HELOC down so I could use it again. After doing the math, it looks like it would take me about 2, 2 1/2 years to make that happen. I'm fairly sure there's not enough equity in the SFH to do a BRRR. The HELOC property has a 15 year loan on it so, I was thinking of refinancing the HELOC property and paying the HELOC off while turning the 15 year into a 30 year. I believe this would still be a much lower payment then I'm currently paying on the 15 year loan. Some of this would also for personal interest because it would make me feel better to not have the extra HELOC to worry about.

I'd really like to see if anyone has any ideas I haven't thought of before I contact the credit union for a REFI.

Thanks for your input! 

Chris

I have a roof repair needed in the south side of Richmond VA. Would anyone have any suggestions?

Hello, All! I have a duplex on the south side that needs a roof repair. Does anyone have a recommendation? 

Many Thanks! 

Have you moved forward with Sofi? I was looking into them also, they claim to have a 10% down payment. Do you know if they will finance a duplex without owner occupancy?