All Forum Posts by: Account Closed

Great information.  I appreciate getting several good options to consider.    

A couple of follow-up questions/thoughts:

Is the 40% equity left in a deal doing anything for me other than looking good on a balance sheet?   

I like the idea of a business line of credit as using the equity if/when needed.    Interesting if that going to impact my income-to-debt ratio when I cash-out refinance the next one. Is a business line of credit available if the rental income isn't there?    

Once again, thanks for the ideas and this gives me some good starting points to research.   

I was hoping the Bigger Pockets community could lend me some refinance advice on a BRRRR. I am investing out of SW Florida (live in Sarasota, Florida) fulltime. I BRRRR our properties utilizing a DSCR commercial product for the refi. With higher interest rates, I have gone to interest only 5:1 DSCR loans to maximize the cash I can take out. I am beginning to leave quite a bit of equity in these deals as the lender requires a 1:1 loan ratio. On my latest refinance, I am looking at only getting about 55-60% LTV. On this latest deal, $375k all in w/ appraisal of $520k; but could only get a $305k refinance based on the rental income of the property. My questions, how do I leverage the equity left in the BRRRR deals? Or is there another commercial loan product or refinance strategy I should consider? (FYI, it needs to be a commercial loan product as IMO SW FL liability is simply too litigious to risk taking the refi out in a partner's personal name).