All Forum Posts by: Howard Montaque

I contacted Space Coast Federal Credit Union, Launch, and Suncoast Credit Union when I was researching last week.

Great list! Thanks so much! Nice to see youre local. I love Brevard County. I dont occupy this duplex but I did for the first 2 years. I got married and moved into a home with my wife. Very busy with 2 jobs and the remodel so I dont get on here much.

I can get 80% LTV through a HML but the interest is 8.5% + 3 points

So I have been driving myself nuts working on the duplex I "house hacked" before I knew it had a name. New kitchen, dealing with tenants schedule, changing the new stove from gas to propane, ect. I owe $150k. The most recent comp nearby was $235k and there is a triplex for sale for $330k so its kind of all over the place.

So when I ask banks about the cash out refi I get the question, Is this an investment home. Yes? Ohhhh Ok. Followed by a low 70% LTV. Now I keep hearing 80% LTV, even 90% LTV in podcasts! but that has not been my result. Should I be looking for something or saying something else.

I'm interested! We live in Rockledge.

Yes 100% LTV. 3.73% interest rate. They currently hold my mortgage.

So my mortgage lender noticed I ordered my payoff on my duplex I bought 3 years ago. I was considering selling or refi. After reading a lot and watching podcasts I understand holding is the way. The lender told me that they want to keep my business and can give me 3.75% APR and beat any other offer as well as give me 100% appraised value for refi. So what other questions should I ask before pulling the trigger? This will fund my charge into BRRRR.

PURA VIDA!

Thanks for the reply Devan,

Owner financing sounds extremely difficult but I will read those posts. Thats how I bought my Costa Rica house. It took a long time to find the right house and seller willing to do it. 

Great story Devan! 

I am living in a duplex I bought last year. I am in the middle of a cash out refi which should net me around 50k. I was dealt a blow to the jaw when I recently had my hours cut in half from 60k a year. The plan was to build a new quadplex. I have been looking for a new job. Its left me with my hands in the air. Duplexes have increased to $250k to $300k. I can build a quad for around $300k at $60-$70 a square foot.

My ultimate goal is a grounded realistic $3k per month profit in buy holds. I have a small house in Costa Rica and that is my goal. Im not trying to be rich by any means. I live modestly and enjoy travel. I have been to 27 countries so thats my enjoyment apart from a nice mountain bike :) So my question is based on my ideal plan I am not sure what to do. If I get the job I should be fine to proceed with the lots search (mailers for best results). If not a loan with 30k isnt going to do much for me...

I would love to talk to someone on the phone. This past 2 weeks my head has been spinning and I need to continue moving in the right direction or reroute to keep moving forward.

Thanks for your time...