All Forum Posts by: Yuriy Tymoshenko

Thank you. Is there a way that you or anyone else can expand on the refinancing route recommendations? 

We have wealth professionals here at BP and honestly Im puzzled why there hasn't been much input...Am I in the wrong sub-forum? Should I have asked this question in the different sub-forum on BP?

Hello, Board.

I want to reach out to your for the opinion. 

I own quadplex that is completely paid off. I want to have refinance the property in order to have cash in case that I want to buy another investment property in the future. I live in one of the houses, I will consider this my primary residence.

REFINANCE GOAL: 4.5%-5% interest rate for 80% of property cost. I want to go with HELOC because its the lowest closing cost and fastest.

I have good credit score and making above 100k. I have plenty liquid and I owe only 23K on HELOC on one of my properties.

So far I contacted:

Envision - Not offering HELOC on MFR

Sun Trust. They asked if I want to do residential or commercial loan. I said residential. They were "guessing the interest rate will 4.99% and closing costs would be $4000".  They can’t do QUAD refinancing. 

First Commercial Credit Union - The rates right now around 7% (variable) and the max they are able to lend is 60%

Tallahassee Leon Florida Credit union. Can't do MFR HELOC

Gulf Winds Credit Union - Not offering HELOC on MFR

Regions Bank - offering 70% max of the appraised value. Residential cash out mortgage.

Fidelity Bank - They are only doing commercial loans on MFR. Asked me for time to evaluate their ability to service me.

Prime Meridian Bank - They offered me Commercial loan. Up to 79.99% value of the house. Its lump sum 5 ARM with interest rate between 5% to 6%. 15 year loan.

Navy Federal.  Getting equity up to 70% Fixed Equity loan. No duplexes.

Residential Equity Loan. Interest rate:

1. Fixed Equity Loan. 8.5%(wow!) for 15 years
2. Line of Credit. 6%(variable rate. can change each month depending on the market) for 20 years.

Is it me or all the banks and credit unions are really "gun-shy"? I mean, I read BRRR posts here and people are taking about refinancing their properties at 4-4.5% and I can't get close to this.

I appreciate any feedback.

@Luke Grogan Is there a way that you can share the example of your real estate worksheet, a balance sheet and personal finance statement that you show to your lenders? I would love to see it. 

Plagiarism is the best form of flattery))

@Account Closed My bank (Navy Federal) told me that if I wanted to do HELOC, they would go with 80% my purchase price(which was below the market). However, if I would wait 1 year - they would separately appraise the property and go with the 80% of that appraised value(which would be higher).

OUTSTANDING! Thank you, everyone!

Good time of the day to everyone! 

How do you treat your expenses for eating while you working on your property away from home?

I purchase and renovate my own properties. While I am renovating my properties I am forced to eat outside my home. I do have to say that none of my properties located beyond 20 miles from my home address. Are they still tax deductible?

I am sorry about bring this thread from the dead. BUT...What about the receipts for meals while working on your property? I purchase and renovate my own properties. While I am renovating my properties I am forced to eat outside my home. I do have to say that none of my properties located beyond 20 miles from my home address. Are they still deductible?

@George P. , I hear you. I know its a hustle and I have been running 10 of my properties from one account and had no LLC to worry about.

But now, I would like to protect myself from lawsuits and establish separate LLC for each of my properties just as a protective measure. Off course, separate LLC means separate business bank account as I wouldn't want some lawyer "connect the dots" and track down my other properties. This is why I asking all these questions about the separate bank accounts.

Yes, I will give them a call. $15K is still awfully a lot to keep as a dead weight. Thank you, Ken!