All Forum Posts by: Rey Orinion

Wow! I got more information and tips than I needed.  Thank you so much fellow BPers, @Lane Kawaoka  @Minh Le

Now that you laid out the pros and cons, we don't feel like being shut in the dark anymore in this issue and makes life a lot easier for both of us.  I and my wife will decide from here.  Thank you.

Sincerely,
--rey

@Blair Poelman was absolutely right.  I once made a backup offer and ended up getting the property because the buyer's financing fell through and I was next in line.  Just do it, it never hurts to try. :)

Thanks @Wilson Churchill

I will call other financial institutions tomorrow for sure.

@Charles Worth,

1)Yes, the 2 properties we have under contract will be cashflowing more than 20%.  

2) Yes, 6 months reserves are in place.

3) No, we are not selling it--don't want to kill the goose.  The GFE still shows $600-$700 per month cashflow after the cash-out refi.

I guess, you answered our dilemma. 

Thank you sir!  Really appreciate the input you guys.

Hi BP community, my wife and I are debating whether we should cash-out refi our rental property to acquire more properties for our portfolio. However, we bought the rental house 2 years ago at 3.2% interest rate, 30yr fixed, and now has a FMV=$320K, Equity=$120K. According to the bank, HELOC is not possible on a Rental Property so we're left with one choice which is to do a cash-out refi at 4.5%, 30yr fixed. Is it worth pursuing it and lose the lower rate it's siting right now? What would you guys do? Any other way to approach this? Any advice is greatly appreciated. Thanks in advance.

just like @Mindy Jensen said, I wouldn't touch that with a ten-foot pole. JMHO.

Same here.  I have access to NWMLS and everyday I check the new listings(Renton, Auburn, Kent, Federal Way, mostly South King County areas) and check off my prospects.  My gosh, it's only been two weeks and of the 20 properties I selected half of them are already Pending in less than 2 weeks.  Amazing! 

Welcome to BP, @Benjamin Hauser! See you around.

I am a realtor transitioned to be an investor.  I still have my license active, and have been using it to find my own deals--two of them currently undercontract through NWMLS.  I have two real estate lawyers and none of them said anything against me being a licensed RE agent and an investor at the same time.  Anyway, welcome aboard!

As a real estate investor, main reason I got my WA license is the benefits of getting a commission from my own deals.  I pay my broker only $75 a month but I get 100% commission on every deals I make.  I love it.  It helps on rehab expense and then some.  

had a blast, despite the loss..great game. Congrats to Pats!