All Forum Posts by: Devon Harris

I would do a HELOC rather than refi. You'll tap into your equity and keep the rate. Your current rate is sooo low and would hate it raise it 5% to todays rates

that is a super low rate

0 Votes

Quote from @Joseph Michael Sutton:

Hey everyone! So I have a decent amount of equity in my current rental and I want some input as to whether or not it would be an intelligent decision to cash out refi in order to put a down payment on a new investment property.

I have refinanced the first house once to a 2.25% Apr and I am not sure if a second refi would be a smart decision considering it would increase my interest rate and Principal. But if I am able to still net some cash flow on the first rental, would it make sense?

Great question. I've been wanting some insight on as of late as well

0 Votes

I was able to close in an LLC with my local credit union

1 Vote

What are your insights on Short-term rental demand as we go deeper into this (RECESSION) and interest rate hikes ?

0 Votes

Quote from @Robin Simon:

Quote from @Devon Harris:

Quote from @Zach Wain:

You can put 10% down on a second home, that is fine for conventional. Rates and fees will be high right now no matter what you do. What everyone forgets to mention (because people like to sell DSCR loans), is the majority of DSCR loans have prepayment penalties. So even if the overall payment and costs are not that different, throw a 3 yr Pre payment penalty into the mix for a DSCR loan and that is a show stopper for me.

If you can go conventional, do it! Better overall terms, just find the right lender with competitive pricing.

thanks for the info. Also just found out about the pre-payment penalties not to long ago. Glad I found that out before closing on one. Does that also relate to cash out re-fi's?

Yes - Prepayment Penalties are often optional or flexible with DSCR lenders (and can apply to all loans acquisitions, cash-outs, etc.) Will have a huge effect on rates/fees though if you decide to do a DSCR loan with light or no prepay

thanks

0 Votes

Jackson, Mississippi

All Forum Posts by: Devon Harris

Devon Harris has started 2 posts and replied 38 times.

Post: Rental Income Tax - 250k SFH and ROI of 4.8%

Post: HELOC cash-out Refinance

Post: STR insights nationwide

Post: STR insights nationwide

Post: Cash Reserves & Scaling.

Post: Should I refinance for future investment?

Post: Should I refinance for future investment?

Post: Rental Property Conventional Lenders That Will Close In An LLC?

Post: STR insights nationwide

Post: Vacation home Loans- 10-15% down vs. DSCR