All Forum Posts by: Archimedes Jao
Archimedes Jao has started 8 posts and replied 32 times.
Quote from @Robin Simon:
Quote from @Archimedes Jao:
Where might I be able to find information regarding lenders that would be good to use for BRRRR's? We have a short-term rental property in Rehoboth Beach, Delaware and we are interested in refinancing that property. We want to start another one in the same area.
I would recommend checking out BP featured mortgage lenders or the new Find A Lender Tool
Also - check out this recent article published here on BP on this exact topic!
https://www.biggerpockets.com/blog/brrrr-loans-what-are-the-...
Thank you so much. We will check it out!!
Quote from @Noah Bacon:
Quote from @Archimedes Jao:
Where might I be able to find information regarding lenders that would be good to use for BRRRR's? We have a short-term rental property in Rehoboth Beach, Delaware and we are interested in refinancing that property. We want to start another one in the same area.
Hi Archimedes,
I recommend checking out Lender Finder, a free and easy way to quickly find and compare investor-friendly lenders who specialize in your unique investment strategy. With Lender Finder you can:
- Find investor-friendly lenders on your terms
- Do more deals with a quick search solution
- Tap into a trusted network with ratings and reviews
Quote from @Tayo Black:
Quote from @Archimedes Jao:
Where might I be able to find information regarding lenders that would be good to use for BRRRR's? We have a short-term rental property in Rehoboth Beach, Delaware and we are interested in refinancing that property. We want to start another one in the same area.
Check out Builders Trust Capital (I’ve talked to Anthony about BRRRs and they he’s also an investor, let him I know I sent you!): https://builderstrustcapital.com/ They’re based in Jersey.
Thank you so much!
Where might I be able to find information regarding lenders that would be good to use for BRRRR's? We have a short-term rental property in Rehoboth Beach, Delaware and we are interested in refinancing that property. We want to start another one in the same area.
Post: How and when to do a cash out refinance and what is the equation
- Posts 32
- Votes 13
Quote from @Kenneth Garrett:
@Archimedes Jao
The numbers loan officers are going to go by is the appraised value minus current debt on property. The LTV depends of the lender. With the economy it might be 70%. It also depends on residential loans v. Commercial loans (DSCR).
Example
Appraised value 200,000
75% 150,000
Debt on property 100,000
Possible 50,000 cash out
When you are looking for cash out, the LTV changes with some lenders. You will need to do some searching. I found small local banks are easier to deal with then the large banks especially if your going the DSCR route.
Thank you for the equation. I like the math part in RE. It sounds like [(current appraised value) x (0.75)] - (debt on property) = cash out.
Post: How and when to do a cash out refinance and what is the equation
- Posts 32
- Votes 13
Quote from @Leslie Anne Morris:
6 month timeframe typically, but some lenders want a longer timeframe. Speak with your lender.
Thank you. I had thought 6 to 12 months but I wasn’t sure. Also, I thought the equation was (0.75) x (new value - old value) = cash out, but I wasn’t sure.
Post: How and when to do a cash out refinance and what is the equation
- Posts 32
- Votes 13
We are about to close on our first STR, and we are rehabbing it. When is the right time to do cash out refinancing so that we can move on to the next property? What equation can I use? Thank you.
Post: Interest rate source for rental property calculation
- Posts 32
- Votes 13
Wow another really great resource in MND, thank you so much. Helps me a lot. I notice that different databases have slightly different rates, so I am picking “worst case scenario” numbers for my calculations, to get conservative outcomes for my pure cash flow. I hope that’s right. Thank you!
Post: Interest rate source for rental property calculation
- Posts 32
- Votes 13
Quote from @John Underwood:
try bankrate com
Thank you. Even has graphs and articles. That was super helpful. 5.92%.