All Forum Posts by: Enrique H.

@David Moudy  2 at 75k 95k and 105k 

Hi,

I have 4 free and clear sfr that I own, I want to do a cashout refinance. 

can anyone please recommend a bank here in indy?  should I work with a Indianapolis bank or can I work with an out of town bank?

Thank you in advance for any advise/ help.

So I brought this sfh with tenants already in place. Tenants are living after 3 months ( they are in month to month agreement) 

I am doing the final walk through and they tell me that all the small holes in the walls were already there when they took position of the property. They say they needed the place to stay so they took it as it was.

Now they want their security deposit back in full. ( I did get the security deposit from the seller)

Should they get their deposit back in full even if it was their fault for accepting the house the way it was?  that will mean I will be stuck with repairs?

Or should I treat like any other of my rentals where I deduct any hole patching from their deposit?

I am not deducting anything for repainting or carpet cleaning as they lived there for 3 years.

Please advise as this is my first time going through this.

@Anthony Wick That makes sense, refinance with a bank to lower interest and do a 30 year? and hopefully talk the seller into a discount. 

I have 5 free and clear rentals and I love the cashflow they provide and when I buy one more I usually pay it off fast with all the cashflow from the others, but after reading here it seams like I should be using leverage instead.

Thanks for the Advice Anthony 

@Victor S. Correct

I was planning on talking to my realtor and see if the ARV is what I think it is and talk to the seller see if he takes 120k and also talk to a bank to see if I could de a cash out.

Thanks Victor , I just might do that

@Victor S.  rent is $2000 for both houses. 

PITI on a 30 year would be around $1500 per month on 200k, so probably not much.

@Joe Splitrock  Yes That's what I meant when I said I could possibly safe 30k. 

Thanks for your comment I really need to wrap my head around this leverage concept.