All Forum Posts by: Michael C.

Thanks for all the replies, I’m very thankful for this community, yeah numbers didn’t make sense to me that’s why I post this question , it didn’t seem to benefit me with a refinance really,! So I’m going over all my options and playing this smart!

Also this is a basic refinance, no cash out , found out cash out my score would have to be a 720 I’m right under 700 , Also after this refinance I would be owing 150,000 instead of 135,000, that’s 15,000 more

@Tchaka Owen

My payment would be knocked down 50 worst case scenario , they ran it by worst case scenario.........my current rate is. 5.25percent and will be drop down to 3.25percent

@Andrew Powers

My goal is to build massive profitable rental portfolio, Looking at the spread made me think about selling it. I know there’s extra costs involved, but I figured I can reinvest the money tax free,

The HELOC, I thought about multiple times , the lender I work with doesn't do HELOCs , I mention to him multiple times and he pushes towards refinance, which I would go else where for that if that's a better option

Anybody knows the credit rating for HELOC ? Isn't it above 700 , and 70 percent LTV for a HELOC

With this refinance I’m only saving an extra 50 a month , but my interest rate would drop from 5 to 3 percent

I’m trying to figure out would selling it and reinvesting the cash for deals would be a better deal and would speed things up

Thanks!

Numbers

Bought it for 175,000 a couple years back

Down payment was 18,000 plus 20,000 fix up

Now I owe 135,000 , it just got appraised for 242,000 , in this market I could sell it for 250,000

One side covers the mortgage and the other side is pure profit

Easy to rent, popular area , had somebody signed the lease sale day somebody moved out

If I list it my notifications will go crazy over 100 responses

Not bad for my first one. But now I’m in a middle of a refinance, haven’t closed yet , having second thoughtsafter the appraisal

@David Ton

Welcome to BP , there are a lot of opportunities in Columbus , I have been investing in Columbus for a couple of years now and it’s great if you know where to look and what price you should pay for a deal !!!!

What ever you do, don’t be like this guy smh

https://www.cnn.com/2020/07/28/us/ppp-funds-miami-lamborghini-trnd/index.html

...... bitcoin for the 100th time , who invests in bitcoin here?

@Carlos Maldonado

Columbus Ohio investor here, always looking to connect!