All Forum Posts by: Hyung Park
Hyung Park has started 2 posts and replied 13 times.
Post: How much should a birddog be paid?
- Posts 13
- Votes 1
Josh, thank you for your advice. Will keep that in mind.
Post: How much should a birddog be paid?
- Posts 13
- Votes 1
When someone brings you a property and you end up getting the property (for flip or Brrrr), how much should you pay the person? Set price? Percentage of the purchase value?
Thanks in advance for your opinions.
Post: Sell or refi a rental property?
- Posts 13
- Votes 1
Originally posted by @Jingru Sui:
I would definably refinance. Cash out refinance.
I like the short clear answer! Thank you Jingru.
Post: Sell or refi a rental property?
- Posts 13
- Votes 1
Originally posted by @Michael King:
Since it's making money I wouldn't sell it. Get it financed with one of the options. I got 3.375% on a refinanced rental, so good rates to be had. And you wouldn't have to worry about it going to market, the CoronaMarket, nor paying agents fees. And you wouldn't have to worry about 1031 or a big tax hit.
Sell if it's a hole in your wallet.
Thank you for your comment, Michael. How did you get a rate so low like that? My mortgage guy told me the best I can get now is around 4.215 with 1% for cash out refi.
Post: Sell or refi a rental property?
- Posts 13
- Votes 1
Originally posted by @Salvatore Lentini:
@Hyung Park - it depends. How much could you get for it if you sold it? Not a great market to sell a property so keep that in mind. How much do you need out of it? If it's a $150K property and you can get $112K out by refinancing/HELOC would that suffice? Do you need the extra 25% you'd get by selling it? If you're selling it as a rental to another investor you are not likely to get top dollar. Every investor wants a "deal". If you're going to sell it retail to a primary home buyer.... you will need to get your tenant out/not renew their lease and spend some money sprucing it up. Then it will sit on the market generating $0 while you pay taxes, insurance, utilities etc. So you really won't be getting 25% more than the refi/HELOC route. What I'm saying is...make sure you are truly looking at the numbers when comparing both options.
Nice to meet you, Salvatore. We moved down here feom Willow Grove, PA a couple of y/a. Good to see someone from my old town and I appreciate your insights. Will definitely consider those numbers.
Post: Sell or refi a rental property?
- Posts 13
- Votes 1
Originally posted by @Joe Cassandra:
Hey Hyung, also in N. Atlanta. Nice to meet!
If you plan to do more investing, I'd go with a HELOC. It's flexible and you can use the cash at will. Say it takes you 6 months to find another property, you aren't paying for interest like you are with refinancing.
I only recommend refinancing to folks (I'm not a banker) when you're trying to get out of a HML loan, high interest loan, or a sub2.
If you own it free and clear, I'd stick with a HELOC. Plus, you don't get this big wad of cash that can easily start 'slipping away' due to buying things here and there, if that makes sense.
Nice to meet someone in the area aw well, Joe! I’ll definitely consider that option. Thanks!
Post: Sell or refi a rental property?
- Posts 13
- Votes 1
Originally posted by @Hyung Park:
Post: Sell or refi a rental property?
- Posts 13
- Votes 1
Nice to meet someone in the area aw well, Joe! I’ll definitely consider that option. Thanks!
Post: Sell or refi a rental property?
- Posts 13
- Votes 1
Originally posted by @Joe Cassandra:
Hey Hyung, also in N. Atlanta. Nice to meet!
If you plan to do more investing, I'd go with a HELOC. It's flexible and you can use the cash at will. Say it takes you 6 months to find another property, you aren't paying for interest like you are with refinancing.
I only recommend refinancing to folks (I'm not a banker) when you're trying to get out of a HML loan, high interest loan, or a sub2.
If you own it free and clear, I'd stick with a HELOC. Plus, you don't get this big wad of cash that can easily start 'slipping away' due to buying things here and there, if that makes sense.
Post: Sell or refi a rental property?
- Posts 13
- Votes 1
Originally posted by @Joe Cassandra:
Hey Hyung, also in N. Atlanta. Nice to meet!
If you plan to do more investing, I'd go with a HELOC. It's flexible and you can use the cash at will. Say it takes you 6 months to find another property, you aren't paying for interest like you are with refinancing.
I only recommend refinancing to folks (I'm not a banker) when you're trying to get out of a HML loan, high interest loan, or a sub2.
If you own it free and clear, I'd stick with a HELOC. Plus, you don't get this big wad of cash that can easily start 'slipping away' due to buying things here and there, if that makes sense.