All Forum Posts by: Jose Morales

Hello!

I own about 5 rentals in the same city in lousiana. I paid an estimate of about 25k for each in cash. (No mortgage on any).


the cash flow is a total of $3,100 a month

Do portfolio loans exist for these kind of situations? I would love to pull equity of these cheap rentals. Unfortunately each one is worth 25k. 

thank you 

I bought a 110k property in cash last March. It currently rents out to tenants.

What’s the earliest I take out the equity and invest again?

Hey y’all. I own a rental property appraised slightly over 100k and is completely paid off. (Owned over a year)

What lenders you know of that do cash out refinancing for rental properties appraised at this value? I search on google but all I get are articles and lenders who require higher appraised properties.

thank you

No. Just bought it for 40k. It’s a rental property with a tenant inside.

why should I raise the value of the home? 

Just curiosity 

I recently bought a rental home in cash completely for 40k. Are there lenders for who allow me to do a cash out refinance for my fully paid 40k property?

thank you

Quote from @Nate Herndon:

@Jose Morales & @Ashlyn McIntyre, the minimum timeline to use the Appraised Value will be 90 days on your BRRRR. Our team (@AJ Exner and I) utilize three very specific programs that allow for cash-out refinances at 3-month seasoning.

Clients of mine routinely wrap up their rehab within 30-45 days, lease the property to a tenant, and we start the refinance around 60 days into ownership. At that point, we just aim to close within 30 days to hit the 90-day seasoning mark.

Here is an example loan summary for you with that 90-day seasoning program for your duplex:

Single family home = 0.125% rate discount
$100k loan amount or greater = 0.125% rate discount

 Thank you.

is there a minimum equity value needed in the property to take out cash out refinance?

I’m on the verge of closing my first rental property (90k) in Ohio. It needs some exterior repair and parts of the roof as well.

Assuming it gets appraised minimum 100k after repairs.. will I be able to take out a cash out refinance ?

the equity in the property is 25% Miminum (that was the down payment).


thank you.!

newbie investor