Posted by Tim (MILW,WI) on March 20, 2001 at 14:40:20:
Rex, if you live locally, why don’t you drop me a email off the board, I’m a certified mortgage broker and have several investors for RE investing. I would be more than willing to help you in anyway…
Thanks
Tim
Want to grow faster…how??? - Posted by Tim (MIlw, Wi)
Posted by Tim (MIlw, Wi) on March 18, 2001 at 14:05:23:
Hi all,
I have been investing in RE for approx 2years and have accumulated 2 properties so far…about to close on 3rd (3fam). Here is my dilemma. Each property has been bought as a owner/occ (with 5%) dwn and has been financed conforming for 30yr/fixed rates. Properties are worth +/_ $120000-130,000 each. I just refied property #1, at 80%ltv, prop(2) was purchased last Jan(00) for $108,000, now owe 102k, and is probably worth $130,000. I am considering refinancing that one at 80% ltv to eliminate PMI. I have the 3rd building set to close in May and I am buying under market value. Paying $103,000, its tax assesment is $118,000, and comps are any where from 108k-130k. I am urging the lender to get the highest value as to not pay any PMI and if it apppraises in the 125-130k range, I will only have to put 2-3k down.
I am using the same lender with all of these buildings and they do some creative things. I’ve been toying with doing a blanket loan for all of them. the lender will extend a line of credit for any equity UP TO 80%. Ex. $400k= value, 80%ltv=$320k, and owe $300k, they will extend me $20,000 for a LOC to purchase more properties.
Because I just re-fi’d building #1, considering #2, and assuming #3(closing in May) will be at 80%. I will have 3 builings worth $400k and will owe %80 or $320k. I want to be able to use the equity, but don’t want to exceed the 80% ltv.
Am I better off waiting a year for them to appreciate/pay down. Or throw the blanket mortgage idea out the window and use the equity (with other lenders) take out a 2nd mortgage up to 90% and make it grow faster. Thanks in advance
P.S. Property #1, duplex, live in half,mortgage/txes/ins= $890 Rents= $550
Property #2, duplex, investment, cash flow if $300/mo
Mortgage/txs/ins= $1070 Rents=$1415
Property #3, 3fam, investment, should cash flow $500/mo
Mortgage/txs/ins =$1100 Rents=$1600
Tim
Milw, Wi
Re: Want to grow faster…how??? - Posted by rex
Posted by rex on March 20, 2001 at 09:36:04:
tim, i am looking to finance a property . what lender do you use???