All Forum Posts by: Steve S.

I was told it was due to a “Texas 50A6” document 

Is it correct that in Texas if you don’t own a home you cannot do a cash our refi on rental properties?

with my property portfolio skyrocketing I’d like to use some of that equity for other purposes  is Lending tree a good way to go?  I have 4 to 6 properties I’m wanting to cash our refinance. 

Anyone have any recommendations?  I’m in the Dallas, Texas area. 

I’m looking to get some cash out of 4 of my rentals. I have 50-80% of them paid off. 

Are there websites you’d recommend that may help shopping across many banks?  I’m going to start cold calling tomorrow. 

Will hit regional banks as well like Comerica, Frost, etc. and will probably talk to the Megan’s like Wells Fargo, Bank of America etc to get some pricing. 

i've pondered taking some of my properties and doing a cashout refinance and want to make sure I'm thinking about this correctly.

Let's say i have the following

Property 1

• Property Value - $225,000
• Note remaining - $69,000
• 80% - $180,000
• Cashout amount - $111,000

Property 2

• Property Value - $452,000
• Note remaining - $252,000
• 80% - $361,600
• Cashout amount - $109,600

Property 3

• Property Value - $415,000
• Note remaining - $262,000
• 80% - $332,000
• Cashout amount - $70,000

Property 4

• Property Value - $202,000
• Note remaining - $90,000
• 80% - $161,600
• Cashout amount - $71,600

This would yield a total cashout amount of $362,200

Not expecting anyone to chcek the math, but is this directionally correct?  

What type of expenses should i estimate for closing and estimates?

 Lol. Yeah I’ve gotten those. This is an actual landlord looking for property. They covered me about $5,000 more than I paid 5 years ago  that’s also $120,000 less than what Zillow says it’s worth (which is often less than you can get in a hot market)

negotiate it?

I expect they will do a walk through and say "how much you asking?".  For argument's sake this property lists for $420,000 on Zillow.  Thats of course a data point but not necessarily meaningful.  I bought it for $300k.

I have a tenant in the property.

Would you ask them to make you an offer first in response to their question?  Throw out a bit of a high ball number of say $450,000 and see what they come back with?

They say they want to buy in cash.

I'm usually on the buying side so welcome thoughts and experiences as the landlord seller since I've not done that before. 

Thanks everyone for the replies and suggestions 

Couple of questions:

1) do they purchase them or do you provide?

2) how do you verify they are doing it?

I’ve been looking into going to annual ac filters and just replacing as the lease expires. 

Thoughts or best practices?