All Forum Posts by: Noah Weitzman

Thanks everyone for the help. If you do know of a lender that could do lower than that with a SFR in most areas of the US please let me know.

Hey Everyone! Just wanted to check that this is happening to others. Are any of you seeing interest rates for investment property's right now that are insanely high?

I am getting quoted with good credit and DTI around a 5.45% interest rate with 3.24% in points.

Is anyone else seeing this? 

Thanks so much!

Noah

Thank you so much @Michael Skoczylas and @Natalie Kolodij for the advice. It is an investment property so we would want to take the equity out with a refinance and purchase an additional investment property. for example: 

We bought the property at $98,000 and it has appreciated to $150,000. We would like to refinance up to that $150,000, pull that equity out and leverage for a new property. 

I don't believe this is a HELOC although i could be completely wrong. I have been reading that with HELOC's you can only get a 60% LTV on your properties. We need at least 80% so we would refinance and take the cash out to then purchase this next property.

For this kind of refinancing there is still no tax on the cash proceeds if they are used for a investment property? Thank you! 

@Michael Skoczylas thanks so much! what do you mean by an excess of basis? Thanks. Noah

Hello! Thanks for taking the time to help with this. Was wondering if similar to a 1031 exchange for selling a property if there was a vehicle for a tax-free refinance if you refinanced a property and used that new cash to purchase another property? 

Thanks for the help!

Noah

@Chris Szepessy Cool man! Well best of luck. 

Hi @Chris Szepessy! Cool project, I went to school in Boston so know how cold it gets out there in the northeast. Im a Texas investor so probabaly biased but you might want to look into the lakes around Dallas (Austin will be too price prohibitive). Dallas is a growing city with reasonable home prices in some areas. You might have some luck there. Use AirDNA and other methods to check the validity of the market before purchasing once you narrow it down. Best of luck! 

Hi Sarah, Really cool project, ideas i can think of from running one of our airbnbs in a football town:

1. Small wooden fence in the back (cost less then full privacy but will give idea of enclosure, for better price maybe chap plastic fence?)
2. Light poles and lights going over the backyard (you can DIY this for around $200)
3. Small gravel area (again DIY think $500)
4. Outdoor furniture ($300) 
5. Cornhole ($50)
6. Charcoal grill ($50)
7. When posting the listing basically sell the outside and make something in your title football related. As football season is coming up I would at least try to capitalize on that income while your waiting for the remodel. 

Thanks Mathew! That's great info. Any other strategies on how we can use the STR we already own for some kind of monthly income?

Thanks @Chris Mason. Problem is that the original STR is not on our returns and wont be for some time. So the question is how to get a loan during this point.