Rental property investor from Washington

9 Replies

Hello everyone. 10 years ago I bought several rental properties in different states. Last year I bought my first commercial property. Now I am looking into some refinance options for my properties. The market and mortgages seem to have changed so much since I last dealt with a bank, so I am feeling a bit lost. This website forums comes up often in my searches, so I thought I would join the conversation.

Hey @Sam R.

Welcome to Bigger Pockets. You are in the right place to get up to speed. Set up some keyword alerts and check out the podcasts. 

You may want to check out the local REIA groups and also some local Meetups.

@Troy Fisher , @Tiffany Plovie and myself hold monthly Meetups for The local BP community around the Pueget Sound.  Here is our website for more info...http://www.meetup.com/PacificNWRealEstate/

Hope to see you around.

Kevin

Originally posted by @Sam R. :

Hello everyone. 10 years ago I bought several rental properties in different states. Last year I bought my first commercial property. Now I am looking into some refinance options for my properties. The market and mortgages seem to have changed so much since I last dealt with a bank, so I am feeling a bit lost. This website forums comes up often in my searches, so I thought I would join the conversation.

Welcome Sam, I'm pretty new here to and I'm just trying to read and here all the info in this web site. Let me tell you there is a lot so I suggest to set some time everyday to soak it all in, but be mindful cause you will find your sell for hours at a time in it. I've had to do a bit of balancing act.

@Sam R.  Welcome to BP.

If you have 5 or more mortgages (but no more then 10), then Fannie Mae will only allow you to do a rate-term refi. You will not be able to do a cash-out with a Fannie Mae loan.

You can go non-traditional (residential portfolio) loan, but the rate is going to be a bit higher and LTV lower.

Good luck with everything.

Upen Patel, Mortgage Banker

Federal NMLS# 1374243

@Sam R. - I've got some great local connections in the banking industry, it's going to be a little more difficult because you are scattered across the country in your SFH, and some of the best loans are going to be more local based portfolio lenders. Is your commercial property in Washington?

Originally posted by @Troy Fisher :

@Sam R. - I've got some great local connections in the banking industry, it's going to be a little more difficult because you are scattered across the country in your SFH, and some of the best loans are going to be more local based portfolio lenders. Is your commercial property in Washington?

 Yes, the commercial property is in Washington. The other other buildings I potentially need to finance are in Washington as well.

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