All Forum Posts by: Terry Thompson
Terry Thompson has started 1 posts and replied 3 times.
Post: Cash out refinance on rental property

- Real Estate Investor
- Plano, TX
- Posts 3
- Votes 1
That's pretty ambiguous, but in general I think what you were told was referring to the fact that conventional mortgage lenders will only lend up to 4 mortgages (and I believe that would include your primary residence).
After that you have to go to commercial, hard money, or portfolio lending where there are not any restrictions on how many properties you can have.
I guess the number is 4 because they (residential mortgage bankers) think that would reasonably cover most personal scenarios of primary residence, summer home, winter home, and vacation condo! And they aren't making their rules for the convenience of real estate investors.
Also keep in mind that with conventional financing there are rules about loan seasoning that prevent you from cash out refinancing a loan that is less than 6 months old. So if you borrow expensive money (i.e. hard money) to buy a property and rehab it then you won't be able to get a cheaper conventional loan for 6 months. If you pay cash to buy/rehab then there is a loophole called 'delayed financing' that allows for cash out refinance before 6 months, but only for the purchase price plus closing costs up to 70% LTV.
Post: North Texas portfolio lender recommendations

- Real Estate Investor
- Plano, TX
- Posts 3
- Votes 1
Hello everyone,
I am interested in pulling the cash out of a rental property I own outright under my LLC... so I can go on to the next one :)
I have contacted several conventional mortgage lenders who all want me to title the property in my name. I created an LLC and put the property in the LLC for a purpose and do not wish to pull it out of that. I think that either private money lenders or small institution portfolio lenders are my only option.
I would appreciate any and all recommendations for banks/credit unions in the North Dallas area that offer portfolio loans on SFR rental property held in an LLC.
I would also love to hear of private money lenders who offer reasonably low interest rates and longer terms (to ensure the payment would not prevent positive cash flow).
And finally, any other advice on how to pull cash out of a residential investment property in Texas would be greatly appreciated.
Thanks in advance for your responses.
Post: Nice Flip in Rockwall

- Real Estate Investor
- Plano, TX
- Posts 3
- Votes 1
Hi Adam,
I am interested in the propertay on Ashe Bend in Rockwall. Is it still available? What other information can you offer?
Thanks,
Terry