All Forum Posts by: Paul Crosby II

Hi Greg!

The number on reason to cash out from a 3% to a 5%+ would be if you were saving money by paying off credit card debt, loans or hard money.

Like @Dan Weber mentioned above, a HELOC would be a much safer option for you if you equity exceeding 25%. There are some credit unions that will let you go up to 100% but most only do primary homes.

It seems like you dont yet have a need for the money now so it might be best to hold onto the lower rate until you are sure what your next project will be.

Hey Jared! I would agree with you as i was in the same boat with a single family that i bought FHA at a 2.875. I believe you mean a conventional loan instead of commerical but im not sure.

I would definitely suggest freeing up the FHA loan because while the low interest rate is nice, your effective interest rate is much higher with the MIP.

Usually the extra cash you can get by using the loan for a new property far outweighs the cost of a couple hundred on the int rate plus if you time the refinance properly you can squeeze up to 2 months without making mortgage payments.

Hope that helps!

Another note i would make is that Fannie Mae allows you to count the income for an investment property via the 1007 the appraiser will do. You are only able to utilize 75% of this income however if you are buying a property with alot of cash flow this can help alleviate some of the pressure on your DTI

I am a little biased because like @Remington Lyman I love columbus but it is growing.

New Albany is attracting financial companies

Dublin has Facebook and Google Data centers

Then you have OSU and the multitude of  universities for new tenants and talent. It is quite a compelling growth story 

This is interesting as I have never heard of a blanket loan. I know the lender I work for does free refinancing after the first purchase however you would still have to pay title.

Have you had good luck getting the title fees to not be itemized per loan?

@Peter Lohmann thank you for your sarcasm I guess it was a little silly to think just because the posts were old no one  here was from Columbus

@Remington Lyman now see that is the mindset I like to see. Dominate your market! Monopoly is real life most of us just did not know we were playing the game until recently.

@Zeke Liston that is awesome! We will definitely have to chat about your favorite ways to tackle the market

I have never heard of the Bellagio test but that makes sense. The ripples from Covid will be felt far into 2021 if not 2022

Is there anyone still working in Columbus?