Refinancing a Balloon and Rehab Costs

3 Replies

Cash cow generating $3,125 per month.  Prefer a 10yr term at a fixed rate but flexible. Excellent credit. Long term experienced real estate professional. Substantial equity. 

Reginald:

Thank you for your response.   Here is the outline of what you may need. If you have further questions my phone number is 859-533-5205.  Thank you for your interest.



Mobjack Bay Trading Company

Cynthia Rogers

Multi-family mobile home rentals (4 rentals on a 2-acre parcel)

Four units3817 North Holiday Drive, Crystal River, Florida (the main address and is used at the county property appraiser office however each unit has its own address)

Purchased Dec 29, 2016 for $145,000.  Current Payoff amount $72,913

As Is Value: I have made extensive renovations and based on cash flow and using a 10% Cap Rate formula value the property at $300,000.

There is no HOA

Taxes are $1,480.22

Insurance is annually $1800.

Leases are long term leases that renew annually. One tenant has been here 10 years.

My FICO is 735

Current lender is the seller at 4% but a balloon coming due Feb 1, 2020. Originally, $116,000 at 4% amortized over 7 years with balloon in 3 yr.




Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here