Cash out Refinance Tips

[Thomas Corley]

Hey BP,

I am looking to Cash out Refi to help grow my portfolio quicker! I have never pulled cash out of any of my properties any tips and tricks are welcome? Is there any cash refi loan programs out there that my be looked over?

Thank you,

Everyone

[Greg Kasmer]

Thomas - Congrats on deciding to grow your portfolio quicker with cash out refinances! I've done this a few times and a few suggestions I would have is 1) Check with regional banks/credit unions as they tend to have more flexible terms and work with you on terms if you want to negotiate, 2) Always ask about fees for loans, especially if titling is needed. I found some always requiring titling whereas others are flexible if titling was recently completely within the past year, 3) Ask if their are "limits" to the lending to you personally as some banks have unwritten rules about the total loan size they can give to one person or one entity. Once you find a right bank/credit union you want to make sure you can grow with them over time, 4) Ask if they conduct a loan in your personal name or business (LLC) - banks/credit unions may have different approaches. 5) Ask if their are any further discounts/rate reductions for opening a business account and/or using that account to pay the mortgage/loan.

Good Luck!