All Forum Posts by: George White

Hi everyone- I am at the Refinance stage of my 4-plex Brrr. I have started the cash-out refi process and am awaiting the appraisal.

When I first bought the 4-plex, I noticed that the appraiser pulled comps that were in different neighborhoods and even up to 5 miles away. ALL of the comps he pulled were in worse areas than where my property is. The property happens to be one parcel east (wrong direction) of a major dividing street in Kansas City "Troost". There were zero comps pulled from west of Troost. All of the comps were between 1 and 5 miles east of my location. The comps really were not comparable. I am having an agent search for comps around my location. Hoping to give this list of comps to the new appraiser. In my short search I didn't see many 4-plexs that sold in the immediate area recently.

Question is- If there are no decent comps in the area, and they go and pull similar properties that are miles east of my location, what can I do to support my case that the comps really aren't comparable. Any tips?

Thank you!

@Steven May 

Thank you so much for this. It is exactly what I was looking for!! I really appreciate it. I'll let you know what I find out!

Thanks Shaun. I have read that smaller banks/CU's may hold their own mortgages and thus can go up to 75% on cashouts for 2 to 4 units. I suppose those banking resources are the type that I am searching for. Is this true or am I understanding it incorrectly?

Hi BP Community - I am in the KC market and I have a 4-plex which has been renovated and fully rented. I have owned the property for over 6 months. I am ideally looking for a lender that would cash-out refinance out at 75% LTV. I am finding many lenders with 70% refi. That additional 5% would mean a lot. My credit is excellent and w-2 income is strong. Hoping to refinance with a 30 year note. Does anyone know of local/regional banks/CU's that would refinance at 75% LTV? I have read that there certainly are lenders that do it. I am just having trouble finding them. Really appreciate any guidance on this!

@William Tiffani Smith Thank you. I'll have to call you some smaller banks and see if they would entertain this financing structure.

@Lee Ripma Thanks for your response! I'll keep looking around.

Hello all- I have a deal lined up in the Kansas City area on a 4 Plex and am looking for 20% down financing. I have called around to local banks and credit unions and it looks like all I can find is 25% down. This would be an investment property in my own name (not an LLC). Credit is 800ish. Looking for a rate in the mid 5's or lower. Anyone have some lenders in mind that could meet this criteria?