All Forum Posts by: Jeni Lu

Sounds like a successful cash-out refinance!

Hi! I have a rental house that is owned by an LLC. I was told by one bank that I would have to get a commercial loan because the house is owned by an entity, and not a person. How do commercial mortgage loans compare generally to personal mortgage loans? The bank rep said that commercial loans are typically due in full after 5 years? Can anyone verify this? That would be so much tougher than the typical 15 or 30-year loan!

Thanks Charlie! I'm glad to hear your opinion on this.

I am on the Refinance step of the BRRRR (Buy, Rehab, Rent, Refinance, Repeat) method for my 2nd property. My concern is that I won't find another property right away, in fact, I'm thinking of holding onto the money until housing prices come down. I figure it's nice to have the cash ready and available when I need it... and in the meanwhile, suck it up and pay the mortgage and interest on my loan. Otherwise, I would get less of a loan if I wait for the house prices to go down before refinancing. Does anybody else do this? Any thing I should be considering?

If there is ever an reia meeting in Holland, MI- I would be very interested!