All Forum Posts by: Elise Marquette

@Erica Larence-Penna is the best!

Hey Misty, just out of curiosity, how many hours per week/month would you say you spend managing the property? Has the cash flow been worth your time? 

Do you have experience with long term rentals as well? Just wondering in your experience which you would rather do and why. 

With the property being seasonal, have you run into occupancy issues? I may have missed it in your post, but how long have you had the property?

I'm assuming you bought on a Conventional loan? 

Best deal depends on what you're trying to do with the refinance.... What is a good deal to you? Usually the terms depend on whether you will have the loan be in your personal name or a business entity? Are you wanting to take cash out or simply lower the rate? Are you wanting to pay money to buy down the rate to make your monthly payment lower?

Are you guys planning on refinancing or anything with the VA loan? The seasoning period only pertains to the subject loan (i.e. if you were going to refi the VA loan you would need to make 6 months/210 days of on time payments on the VA loan mortgage). Theoretically if the numbers all work and you have the funds you can buy an investment property the very same day as the VA home purchase. The two loans are mutually exclusive so you do NOT need to be on the VA loan for a certain amount of time before purchasing an investment property.

Definitely! I see many people do a cash out refinance on their primary to buy an investment property cash (or at least finance a lesser portion of the purchase). The advantage to taking cash out of your primary is that you get better interest rates and higher LTV than you would if you were to cash out refinance an investment property.

We usually use 1.5% of the purchase price for the annual tax bill. It tend to be a higher end estimate but should get you fairly close- especially if you will not have any sort of homestead tax benefits. 

Are you saying the servicer has not paid your property taxes? Were they held in an escrow account? What are the predatory terms?

My first suggestion would be to refinance out of this mortgage into more favorable terms but if there's a tax lien on your property you will not be able to do anything until that is paid. 

If you're doing buy and hold, you may not need any crazy portfolio type financing. If it's a more turnkey property that will pass inspection, you can likely do the deal with Conventional financing and get the better terms available on a Conventional loan. 

It will be the 110K. The banks will always get their money. They aren't going to give away 10K out of generosity. Usually you have the option to either pay it in a lump sum or modify your payments in some way. 

Take the 30 year. All day. Like everyone mentioned above, pay it like it's a 15 year but I'll add that if/when you go to apply for any other type of loan the higher payment on the 15 year could make it tougher to debt-to-income qualify.