All Forum Posts by: Manco Snead

Greetings,

I'd love to hear anyone's opinion on my refinance dilemma; cash-out or no cash-out.

I'm in the process of refinancing my duplex (Appraised at $290,000) which has about $100k (mostly from large down payment) in equity. Currently, AFTER mortgage,interest,insurance,taxes as well as prop.management fees, vacancy factor saving(150/month), maintenance/cap ex. saving($100/month), and utilities are all subtracted from rents, the property cash flows $250/month.

If I refi and take out $50,000 for an additional property, the refinance for the duplex using all above expense numbers plus the now higher mortgage will result in only $20/month cash flow.

So, is it worth it and a good idea to take out this money? What about eliminating a perceived expense such as maintenance or vacancy, or taking out a smaller amount?

Thanks

Greetings,

I'm looking for a way around a major refinance snag. I'm in the process of refinancing my duplex; everything is satisfactory to the underwriter (salary, savings,equity, credit score, appraisal, the property cash flows) except my current state of unemployment. I work contract to contract, job to job. I normally go through periods with a few months off at a time, then a job comes up. Though something always comes up I currently am not working and have no promise from an employer of future work. This is the deal breaker in the eyes of the underwriter. My question: has anyone dealt with this scenario or does anyone have creative ideas of what I could present to the underwriter to get around this issue?

Thanks

Greetings,

I am considering refinancing a long-term hold duplex which is currently cash flowing approx. $200/month. The refi would lower my interest rate by .75%. I have the option of either paying up front the $3500-$4000 refinance closing costs, or having them rolled into the new loan payment amount. Again, this is a long term hold and I am not in a rush to pay it off. I can afford to pay the closing costs in cash, but my inclination given my long-term strategy is to roll them into the payment amount. Any thoughts?  Thanks.