Posted by David Alexander on December 08, 1999 at 23:37:17:
How long term? How does he want to be secured? He doesnt care about LTV? What yield?
David Alexander
How do I tap my equity in Texas? - Posted by Tim Randle
Posted by Tim Randle on December 06, 1999 at 13:33:27:
Two of our properties have some equity and I’m unable to come up with a way to get to it. I’ve been able to find a lender who can usually exceed the “max 80% cashout” refi typical response on SFH in Texas, but he can’t help with this duplex and fourplex. Here’s the details (and if this is better posted on NGI, please let me know):
Duplex
FMV 145k to 150k
1st 108k at 7.125%, 14 years left (in my name and wife’s)
$350 month positive
Fourplex
FMV 140k to 145k
1st 102k at 9%, 27 years left (in prior owner’s name)
2nd 102k at 9%, 27 years left, balloon in 2.5 years (wrap in name of our L.L.C.)
$700 month positive
We have good income and credit, and wouldn’t mind a refi on the fourplex if we could pull some cash out. We would like to shoot for approximately 90% CLTV. I only have a general understanding of the paper business, so please let me know what additional details are necessary. I have not contacted any note brokers, etc. yet. Thanks…
Check this out for a new idea - Posted by DanM(OR)
Posted by DanM(OR) on December 07, 1999 at 10:19:47:
Tim,
I’m working with a large investor that is now offering to buy long term leases for cash. How about you get those tenants to sign long term leases and sell that $350/month cashflow for cash. Then you can keep your equity position and hold long term. Simultaneously you can access some cash to invest in more properties or notes.
Let me know if you want me to help you on this. Contact me by email at djm @bendnet.com(no space) or call me.
Dan Matejsek
541-419-4880