Refinancing a portfolio.

[James Lemon]

Four years ago I purchased my first rental using conventional financing. Purchase price was $30,000 so the downpayment was $6,000. Wednesday December 18th I refinanced my portfolio for $400,000 which gave me $85,000 of my personal money back and Zeroed out all my credit cards.

It was hard Bank 1 said I had too much credit card debt, How else was I gonna fund the business. Bank 2 sent a antiquated appraiser and he gave me Low numbers. The third bank saw the value of the deal, the portfolio appraised at $580,000.

If you have refinanced your portfolio, what was your experience?

I am glad to have zero credit card debt and also paid back over $250,000 to the first bank I used to build my portfolio. Its time to be smart and aggressive!

[Greg Dickerson]

Originally posted by @James Lemon:

Four years ago I purchased my first rental using conventional financing. Purchase price was $30,000 so the downpayment was $6,000. Wednesday December 18th I refinanced my portfolio for $400,000 which gave me $85,000 of my personal money back and Zeroed out all my credit cards.

It was hard Bank 1 said I had too much credit card debt, How else was I gonna fund the business. Bank 2 sent a antiquated appraiser and he gave me Low numbers. The third bank saw the value of the deal, the portfolio appraised at $580,000.

If you have refinanced your portfolio, what was your experience?

I am glad to have zero credit card debt and also paid back over $250,000 to the first bank I used to build my portfolio. Its time to be smart and aggressive!

Great story and prime example why I tell people to shop multiple banks for loans. They all have different appetites, comfort zones, rates and terms. There is nothing to loose and everything to gain by asking.