All Forum Posts by: Michael B.

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10% net or gross ?

Hi, as an investor, it is a major risk for sure and I am a bit worried. That being said, I still plan on investing in Florida (I have properties in Fort Lauderdale and West Palm Beach). It could be the one thing that destroys the FL market. Do I think that will happen? No but it is certainly a possibility. More likely, it will be lower profitability in the future. That being said, I have faith in this market and people are still moving here and need somewhere to live. So on a 1-10 scale, my concern is in the 3 range. We have to see how it plays it out over the next couple of years.

Hello Michael,

So how long ago did you buy the property? What kind of loan on the 8 unit property do you have? It should most likely be a commercial loan. Depending on the kind of loan there is usually a period before you can do a cashout refinance.

Is the LOC for $500K on another investment property?

How much cash you can pull will depend on how much the liens(loan payoff) on the 8 unit property are vs the $1.7M property. Your FICO will matter, as well as the cashflow on the 8 unit property.

Hello Michael,

So how long ago did you buy the property? What kind of loan on the 8 unit property do you have? It should most likely be a commercial loan. Depending on the kind of loan there is usually a period before you can do a cashout refinance.

Is the LOC for $500K on another investment property?

How much cash you can pull will depend on how much the liens(loan payoff) on the 8 unit property are vs the $1.7M property. Your FICO will matter, as well as the cashflow on the 8 unit property.

Michael, first, congrats on getting the 8 unit. It sounds like you're in a bit of a tough spot. Do you absolutely need to pull the money out now? 8.5% is a bit high on the rate but that's our current market. You could do a DSCR loan as well but I would bet that rate will be high also at the moment. Talk to @Ash Hegde as he is based down here and maybe can advise a little better on the situation and what kind loan and rates you can get right now.

What up guys. So I just bought a 8 unit building for 1.3 great deal 9.8 cap rate. But I owe my LOC 500k now. I'm trying to find out how much money can I pull out from the 8 unit which is now valued at 1.7 million. I want to pay back that LoC cause I'm getting smash with the interest at 8.5 percent killing me.