All Forum Posts by: Eric Malone

@Patrick Hagerty ever think of a business partner. Get a 4 family live in one unit and house hack the rest. Inbox me if you would consider a business partner.

Thank you, I will look into a local ReI. 

Just want people’s thoughts about Worcester,Ma and where it’s real estate market is going.

@Allison Dettelbach

Massachusetts

Hey Guys, need a little help. Im in the refinancing part of my Brrrr but what im running into with a couple banks and credit unions is because my property is now a investment they wont let me refinance because its no longer my primary residence. So now im lost on what to do. Is there anyway around this. I have one loan officer say i just live there and he will push it through but i feel that would be fraud. So can you guys give me some advice. 

I currently have it rented at 2200/month. My payment is 1300/month @ 3.5% interest rate. Loan amount is 205,000 Appraised at 338,000. Looking to pull my money out but im being told because i dont live there they cant do it. And ive talked to 3 banks and 2 credit unions. I have a deal on the table that i want to jump on but need that cash out!!! Help  

@Lee Ripma that’s what I was thinking. With the 4 family it’s asking price is 279000 and rent would be 1000 per unit. So I would make up what I would lose on the Refi property.

@CJ M. Thank you very much, I am looking for as much help and advice I can get. This seems to be the hardest part is the refi. I just don’t know what to do.

@CJ M. Take the new mortgage payment of $1824 and minus it from the 2200 i collect from rent. Everything is brand new so there isn't really any repairs. The HOA fee is 100 a month.

@CJ M. It will cash flow $284 per month

@Lee Ripma it would be a cash out refi, so I would walk away with 47,000 in my pocket. And plan to use it as a down payment for a 4 family. And that investment return would be 12%.