All Forum Posts by: Christian Nachtrieb

One thing to think about is the terms of your HELOC. I took one out on my primary residence, and one of the stipulations was that I had to remain living in the property the line of credit is secured against. I'm not sure if all HELOC's are the same, but I would check the rules and terms of your's.

Find a high-yield savings account. Stock market just rallied like a son-of-a-gun, I would not be putting money that you need in the short term in something that's hitting high's like the S&P500. I use FNBO Direct, an online & mobile bank, they have 2.25% right now which is decent, not the best but you want to keep your money safe especially if you're deploying it soon.

Hey @Jaysen Medhurst Good to know thanks for the info. So this particular property is pretty small, it was my first buy from a couple years ago and it's gone up in value about $50,000. I figure if I can get back anything over $30k that'd be nice, especially if closing costs are under $3,000 which is what I was quoted.

Hey all,

Who here's been taking advantage of falling interest rates to refinance any of their investment properties? I'm curious what rates folks are getting. I'm in Boston and I've called maybe a dozen or so banks and credit unions, and the best I'm getting for a Cash Out Refi is a 30-year 5% at 75% LTV. I did get quoted 4.5% by Middlesex Savings Bank, however they wouldn't lend on this particular property because the first floor of the building is commercial.

Other places I could get similar terms, slightly better rate but closing costs were up in the $7,000's which is ridiculous. Anyone in the Boston or New England area have any good banks or credit unions they could recommend? Right now I'm liking Salem Five Financial the best out of everyone I've called.

Thanks so much

Christian 

That's interesting you staged it for a rental.. is that common? How much did you spend on the staging and do you think it was worth it in attracting a higher end clientele? Beautiful work by the way! That bathroom is insane.

Cool thanks everybody super helpful. @Caleb Heimsoth Yes unfortunately the bank I'm looking at using to do my cash out refinance is the one who selects the appraiser. 

@Lien Vuong Thank you! That’s exactly what I needed to hear. The pickle that I’m in is that my property is one of VERY few in Dorchester that are <500 sq ft. The only very close compatible is anothers unit that sold in my building other than that it’s tough to come by. Would you suggest either looking a) further b) larger sq footage or c) larger bedroom count ?

Thanks again!

I know some people like to assist the appraiser with doing a chunk of the heavy lifting for them and supplying them with comps.. my question is how far do you cast your net? Do you stick to the zip code, or can you do like a 1-2 mi. radius circle from your property, or is it a combination of both?

Thank you!

Christian

@Jonathan Seda Good for you! That's awesome and you should absolutely parlay your investment into bigger and more challenging investments. How do you like the Philly market overall? I've been there a few times, I know it can be pockety.. but I'm trying to find a nearby city that's less pricy than the Boston market. 

@Kenneth Garrett How soon after an LLC is established can you go fishing for commercial loans for residential properties?