All Forum Posts by: Ryan R.

I didn't pull any money out when I did the refi.

I did ask her what the difference is in financing my last property without an additional 20% down, simply 20% equity, and this new property I am looking at. She said that a refi is different than a new mortgage. But I asked how, because they didn't hold the original note on that property, it was all new to them.

My question is about the 20% down for obtaining my second investment property. I have the cash, but I don't believe it to be wise to put down 20% if I am purchasing a property that already has 20% equity.

My current investment property is financed through WF at around 4% as investment property. Refinanced with them without having to put down 20%, appraisal was $150k and note was a little under $120k.

I have roughly $60k in equity between my investment property and my PR. I also have about $30k in cash. The property I am looking at was appraised for $89k and I would pay no more than $70. My credit is about 740 and my current property cash flows over $350 a month.

Do I have any leverage when working with a lender? I spoke to a WF consultant last night and she said "pretty much" there was no way around the 20% down rule? She didn't sound very intelligent or willing to help so I didn't bother asking her what "pretty much" means. So that's why I'm here. What do you say?