All Forum Posts by: Mike Bonn

 These are in the $30k range with value in the $40k ranage

Are there any recommendations for banks that lend on small property holds in the St Louis area.

Thanks

Allan,

Thanks.  Appreciate the info.

Do you know which ones are a little easier on income documents. I have a client looking for an easier loan (similar to a DSCR) with no prepay.

Have a great day

Is there any recommendations for an investor friendly bank in the Nashville area.

Thanks in advance.

I am looking for a Realtor in the Milwaukee area that works with investors.  I have 2 properties going to Sheriffs sale and need a valuation and then someone to work with to get them moved.  Thanks

They are all foreclosure take backs.  Here are the addresses.  I have a buyer who has interest and would need access as soon as possible.

112th is KC, MO 64134

Walrond is KC, MO 64132

Blueridge is Raytown, mO 64138

I have a couple properties I need sold and have an interested party.  Looking for Realtor to help with docs and have the locks changed.  Will sign listing agreement.  Thanks

@Alexis Jaramillo Alexis, what is the cost of the debt you are looking to payoff?  If they are credit cards or other high rates you may save more per month than the $300 increase.  Add this savings to another rental might just be a good ideal.  I would look at the total cost of the new debt (interest and loan costs) compared to what you will pay on the debt.  Also if paying off the debt now frees you up financially and mentally to move forward in your investments, I would do it.

@Greg McCullough Greg go with the 30 year and pay when you can.  Enjoy some of the cash flow.  30 and 15 year rates are so close in this market there is no large interest spread.

A trick is to find a HML who will finance up to 75% of the ARV at purchase. Then you can use rate and term refinancing with the new appraised value right away. No waiting to season the property 6 months like cash out. Plus a rate and term refinance is cheaper and easier to qualify. We have closed loans like this in Colorado for 12 years running. A HML will be more likely to go that high if you are already approved for the perm loan. The average close to close is under 90 days.