All Forum Posts by: Deborah Richards

this was my post today.  I am not sure it worth me refinancing ... what are your thoughts?

Hoping i can get some feedback on this. I am a new investor and looking at to get my financing lined up for my first investment. I dont have a property yet so just researching. I currently have an FHA 30 year mortgate interest rate 4.25%. I owe $110k on it and have a HUD partial lean for $41k. My current mortgage including tax and ins $892.00. I no longer have pmi. My home is estimated at $300-$320k

I was thinking about refinancing with a cash out of $50k that i can use towards a down payment when find property I am not sure if this makes sense because if i refinance the mortgage would be a 30 year and i would end up paying around $1150-$1200 mth based on interest of 2.99% APR 3.121.. New mortgage amount would be $210.000 and i will have $100.000 remaining equity... is it worth it for me to refinance when i am already 8 years into my current mortgage and am currently not required to pay anything on Hud Partial lien that also is not charging any interest?

thanks

i am glad it worked out for you !

Hi.. interested to know what strategy you took as currently thinking of doing a cashout refi

Hi 

Hoping i can get some feedback on this. I am a new investor and looking at to get my financing lined up for my first investment. I dont have a property yet so just researching. I currently have an FHA 30 year mortgate interest rate 4.25%. I owe $110k on it and have a HUD partial lean for $41k. My current mortgage including tax and ins $892.00. I no longer have pmi. My home is estimated at $300-$320k

I was thinking about refinancing with a cash out of $50k that i can use towards a down payment when find property I am not sure if this makes sense because if i refinance the mortgage would be a 30 year and i would end up paying around $1150-$1200 mth based on interest of 2.99% APR 3.121.. New mortgage amount would be $210.000 and i will have $100.000 remaining equity... is it worth it for me to refinance when i am already 8 years into my current mortgage and am currently not required to pay anything on Hud Partial lien that also is not charging any interest?

thanks 

Hello !

I am currently a homeowner and am thinking about refinancing with a cash out of $50k to be used towards purchasing a rental property. I have been doing a lot of reading, joined my local Real Estate Investors Association and getting as much education as possible. I have been hearing differing opinions on financing.. my question is.. which would be better a conventional loan or form an LLC and use hard money? I plan to purchase below market but in doing so may need funds for rehab which i dont have. I dont want to get into heavy rehab so will be looking for a property that is need of cosmetic repairs. I have heard some say to form an LLC to keep separate and limit personal liability. I know that hard money interest rates are higher that conventional.. I am forming a step by step plan and not sure how to proceed. Any feedback would be appreciated!

Thank you