All Forum Posts by: Dani Beamon
Dani Beamon has started 1 posts and replied 3 times.
Post: My 1st Deal- MF 6 Unit, Need to Refi. Any Suggestions on Lenders?
- Rental Property Investor
- Chicago
- Posts 3
- Votes 0
@Nicholas Covington: Thanks for the insight. I have ran into at least 60-90 days of payments. I have a HML term at 12 months and then a balloon payment if I can’t get financing (don’t want that to happen) so I able jumping on refinancing ASAP. Value of the property is $130K , HML is for $78K. Trying to locate a lender in Illinois for such a low mortgage has been a challenge. Let me know if you have any suggestions. Thanks again!! Originally posted by @Nicholas Covington:
@Dani Beamon it might be a little difficult to find someone willing to cash out a 5+ unit so quickly. Normally people are going to want 12+ months. What's the value of the property and how much did you take out for your HML?
Post: My 1st Deal- MF 6 Unit, Need to Refi. Any Suggestions on Lenders?
- Rental Property Investor
- Chicago
- Posts 3
- Votes 0
@Charles Carillo: Thank you! Yes, the long term tenants are preventing me from updating the rental units. I’ve just been able to focus on the common areas and exterior to spruce it up a bit.
Congratulations! I would speak to all of the local and regional banks in your area. Compare the different loan programs, rates, terms etc. Lastly, since you have long-term tenants in place already, you probably are not able to add much value to the property but if you are able to add it before you refinance you might be able take out some of your initial investment.
Post: My 1st Deal- MF 6 Unit, Need to Refi. Any Suggestions on Lenders?
- Rental Property Investor
- Chicago
- Posts 3
- Votes 0
Hey BP
Just closed on my first deal a MF 6 unit. Fully occupied with long term tenants. I used a HML and am looking to do a cash out refinance. Any suggestions on how to proceed?