All Forum Posts by: Account Closed

Thank you for the response and feedback Caroline, much appreciated! I am not sure I follow why I should do a cash out refi with no points now, then do another refi 6 months later? Will a lender allow this, and won't I be paying points and costs on the second refi? Based on the loan documents, even if I don't pay any underwriting fees, it seems there are unavoidable costs each time like title insurance fees, HOA refi fee, etc.?

The rationale I had to keep cash out refinancing was so I can pull money out to do more deals/investing - effectively borrowing at the lower interest rate that I otherwise couldn’t get from another loan that wasn’t collateralized by my house.  Thoughts?

Best,

Daniel

Hello all - wondering how long I should hold my property for, as this will dictate what terms I choose for refi.  I have the option of slightly lower (2.875%) interest rate but higher upfront one-time fees versus higher interest (3%) with lower fees.  I did the math, and the break even is around 4.5 years.  What advice would y’all give in terms of how long to hold a property?  I currently live in it but was planning on making it a rental in the future if I move and it doesn’t make sense to sell. 

Have any of y’all done cash out refinances over and over on a property? Figured it’s going to be hard to get a meaningfully better rate next time I want to refi, but perhaps still worth it to take cash out to go invest either in more real estate or the stock market.

Thanks in advance!

Daniel

@Evan Polaski

Thank you so much for the great insight Evan, I sincerely appreciate it!

Glad to know the quote is not unreasonable, and I have since reached out to two other contractors to get additional quotes as well just to compare. Originally was quite a bit higher than I was expecting/hoping to pay but after getting more feedback seems like it is in the right ballpark.

Great point on the ROI front and supply/demand - I'll discuss further with a real estate agent and get a feel for current market.

And very good advice on the draw schedule - I haven’t had experience working with any contractors, but definitely makes sense to pay them based on certain milestones and I will be sure to ask on how their typical payment/draw schedule works before agreeing to commence work on the project.

Thanks again for the feedback and advice!

Best,

Daniel

@Carson P.

Thanks so much for the insight Carson, very helpful information and perspective. Yes, it is my primary residence currently so I will indeed try to enjoy it! Wanted to get a feel for future value I’d derive upon lease and/or sale to see if it’d be worth to do. My plan was also to do the kitchen in the near future, so glad to hear some anectodotal evidence it is worth the investment.

Glad to know the quote is reasonable - I got an official estimate this afternoon actually and it is almost $11k for the master bath (new shower, tile, cabinets, flooring, countertops, toilet, baseboards). I have heard it is best practice to get at least 2-3 quotes before selecting a contractor, but I feel based on my interaction with this initial contractor he is trustworthy, reliable and can do good work for a fair price.

And yes, makes sense on the cost for tub replacement only versus shower since there is more tile and the glass itself for the shower is a few thousand!

Thanks again for the feedback!

@Michael Plante

House should sell today for $340-$350k. Neighborhood was built in early 2000s. I have seen some homes with renovated bathrooms, but most that I have seen listed in the past few years many of them are original bathrooms.

Reasonable for one bathroom remodel to be $10k?

Looking to remodel my bathrooms in primary residence. Planning to do new tub, tile, replace one tub with walk in frameless shower, new countertops and fixtures, toilets, new flooring/tile. Been quoted a little under $10k for master and maybe $5-7k for guest bathroom. My question is - is it worth the investment? What is the typical ROI on a bathroom remodel?