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All Forum Posts by: Derek Ferguson

Derek Ferguson has started 1 posts and replied 5 times.

Private Lending & Conventional Mortgage Advice

Post: How long before I should contact a local bank about refinancing?

Derek FergusonPosted
  • Rental Property Investor
  • Roanoke, VA
  • Posts 7
  • Votes 2

@Jerry Padilla. Sounds great! Thank you

1 Vote
Private Lending & Conventional Mortgage Advice

Post: How long before I should contact a local bank about refinancing?

Derek FergusonPosted
  • Rental Property Investor
  • Roanoke, VA
  • Posts 7
  • Votes 2

@Jerry Padilla. My guess is the value will be somewhere between 95k and 120k after the renovations are complete. Thanks for the information!

1 Vote
Private Lending & Conventional Mortgage Advice

Post: How long before I should contact a local bank about refinancing?

Derek FergusonPosted
  • Rental Property Investor
  • Roanoke, VA
  • Posts 7
  • Votes 2

@Harjeet Bhatti. Yeah I agree with you as of right now, but I am talking about after the renovations are complete and I get it rented. It should appraise somewhere between 95k and 120k at that point.

0 Votes
Private Lending & Conventional Mortgage Advice

Post: How long before I should contact a local bank about refinancing?

Derek FergusonPosted
  • Rental Property Investor
  • Roanoke, VA
  • Posts 7
  • Votes 2

@Charles Carillo. Thank you very much. Great advice!

0 Votes
Private Lending & Conventional Mortgage Advice

Post: How long before I should contact a local bank about refinancing?

Derek FergusonPosted
  • Rental Property Investor
  • Roanoke, VA
  • Posts 7
  • Votes 2

I just closed on a 4 bed 1.5 bath in Roanoke, Va. The purchase price was 61k and I put 25% down. I got the loan through a local credit union. My payment including taxes and insurance is $397 per month and I believe I can rent this property for $900 per month after renovations. I expect the renovations to cost about $15k. It appraised for $78k in it's current condition.

My question is how long should I wait before contacting a local bank about refinancing the property? Should I wait until I have it rented for 1 year? If anyone has experience with any local banks in Roanoke and knows what they expect I would love to hear about it. Thanks!!

0 Votes