All Forum Posts by: Archimedes Jao
Archimedes Jao has started 8 posts and replied 32 times.
Post: Cost segregation study
- Posts 32
- Votes 13
Quote from @Julio Gonzalez:
@Archimedes Jao Here's an article that you may find helpful regarding cost segregation studies. Please feel free to reach out if you have any questions!
https://www.biggerpockets.com/forums/51/topics/1113749-cost-...
Thank you!
Post: Cash out refinance
- Posts 32
- Votes 13
Quote from @Ash Hegde:
You have it right. Your lender should be able to give you estimated closing costs and new monthly payment so you can see how much cash you will actually get.
Post: Cash out refinance
- Posts 32
- Votes 13
Quote from @Ash Hegde:
Agree with Robin's answer, the amount of cash you actually get back will be the 360k, less closing costs, minus your current loan amount.
Post: Cash out refinance
- Posts 32
- Votes 13
Quote from @Ash Hegde:
Agree with Robin's answer, the amount of cash you actually get back will be the 360k, less closing costs, minus your current loan amount.
Okay. Thanks so much!
Post: Cash out refinance
- Posts 32
- Votes 13
Quote from @Ash Hegde:
That's correct. That percentage may change based on what you qualify for on the debt to income side (or rents vs mortgage if it's a DSCR loan) but that is the right math.
Post: Cash out refinance
- Posts 32
- Votes 13
Quote from @Robin Simon:
The "cash-out" refinance amount is going to be the difference between the old loan balance and the new loan balance. In your example, $360,000 would be the cash-out amount (before any closing costs) if you had no current debt on the property (and you were able to get a 80% LTV loan - most cash-out refinances would be limited to 75% LTV FYI)
Post: Cost segregation study
- Posts 32
- Votes 13
We would like to do a cost segregation study for our short term rental. Any recommendations on a good cost segregation study firm/company?
Post: Cash out refinance
- Posts 32
- Votes 13
We rehabbed an STR, bought it at 400K, and we believe a conservative new value is 450K. Would 360K, or 80% of the new value, be the "cash out"? We follow someone on Instagram who seems to give this simplified equation.
Quote from @Simmy Ahluwalia:
@Archimedes Jao - We can finance STR's in DE. How long have you owned/operated the property?
Thank you! We have owned the property for approximately 10 months. We specifically marketed to people with dogs and we had a very successful ST-rental season. We are happy to provide more details if you would like.
Quote from @Alex Bekeza:
@Archimedes Jao We lend on both ends of a BRRRR or in your case "AirBnBRRRR". We're able to use Air DNA to calculate DSCR on the long term debt side even without any actual operating history as long as the property is furnished and listed. (Ideal for BRRRR on a STR)