All Forum Posts by: Marshall Martinez

I would think an LLC would be a good starting point.

I'm actually looking to do the same thing with some buddies...

Anyone have some advise as to how to set up an LLC?

@Christopher Nerio If you want to PM me the loan details I can crunch some numbers for you based on today's rates. 

@Christopher Nerio Keep in mind by doing a FHA cash out refinance you will be subject to another up front mortgage insurance premium. Which I believe is 1.75%.

Have you shopped with any brokers? They can usually have the lender pay closing cost on a refinance, too bad I'm not licensed in Virginia. In that case it would be worth it to refinance into a conventional and get rid of your PMI. That way you can take that extra money and put it towards the principal and build your equity much quicker.

@Mark Elkhill There could be a number of reasons they won't allow him to do a cash out refinance. Reasons could range from Income qualifications to FICO scores. He could also look at getting Home Equity Line Of Credit. 

I agree with @Edward Aponte, refinance. The PMI is like burning cash each month when you could put it toward to principal balance on a conventional loan. Pay extra each month to lower the duration of the loan.