All Forum Posts by: Gordon Cuffe

10% seems high with that credit score. I know we have no income lenders with rates better than that but I am a lender in CA. I can check with them to see if they do loans in MO if you want me to .

I can speak about Kansas city because my research has shown houses going for 15k to 30k that rent from 500 to 700 per month. That is a great roi. I sent postcards to sellers in kc and got a great response from the sellers wanting to sell. I would not get this great response in CA where I am at. Investors are going to kc because of the great return on investment.

I purchased a triplex near Nashville in 2006 without being there. The agent forgot to tell me that I was buying on the street with drug dealers.

It seems that from now on I would need to get the opinion of realtor and property manager just to make sure realtor isn't just going after the commission and not client for life.

Be careful when acquiring a heloc from Wells Fargo. If you default or don't pay them off after the 10 year initial draw period ,they come after you until you file bankruptcy. Interest rates have dropped the last few weeks. It might be worthwhile to do a cashout refinance to pay off the first and get cash out. The heloc are scarcer to find these days due to the mortgage meltdown of a few years ago. Many of the former high ltv equity lines went bust once property values declined. I am a mortgage broker. You can ask me questions about loans anytime.

yes you can take cash out of a rental property as long as you have 30% equity or 35% equity depending on the lender. In the good old days like six years ago a rental only needed 20% equity. Since the real estate crash of 2008, lenders have gotten tigher with their cash out lending. You can go up to 80$ ltv on your principle residence for cash out.

http://rosevillemortgagebroker.com/