All Forum Posts by: Jerry Padilla

@Jacob Dimick

Did you have the dogs and the girlfriend when you originally purchased the house?

This is another argument that you can make with the underwriter. Ultimately, it is the underwriters decision, so they may continue to deny it. I would go to another bank before I would refinance your current primary and loose the better interest rate.

@Matt Ferch

There are portfolio programs that go based on the cash flow of the property and don’t look at your finances. They will have loan minimums of $75k to $100k depending on the lender.

@Mark Robles

There are portfolio options. Rates will be higher than conventional, but not as high as hard money. There are also typically minimum loan amounts with these of $75k to $100k.

@Brandon McBride

@James Wise

has some good suggestions on places to invest.

@Dion Martorella

You can still cash out refinance with an LLC. The issue you will run into is that the rate is going t one higher and you will have a difficult time finding a 30 year fixed rate. The rates typically are adjustable or ballooning - which will result in you refinancing down the road.

@Michael Orlando

How much did you initially put down on the property? 

To cash out refinance you would need an LTV of 80% for a SFR primary home so, for $360k you would have to owe $288k or less and for $390k value you would have to owe $312k or less. It is till worth it to look at doing a refinance to lower your interest rate and eliminate mortgage insurance if you put down less than 20% when you initially purchased the property.

@Craig Clark@Craig Clark

If the property is in your LLC, than you can not refinance with conventional. The property would have to be put back into your personal name for the refinance. 

There are LLC options with portfolio lenders, but the rates are going to be higher than conventional. 

A HELOC will be very difficult to find for an investment property. 

@Patrick Helms

With multi-family investing, for conventional you will have a larger down payment requirement. Instead of the 15% down with a SFR, you will be required to put down 25% on 2-4 units. Let me know if you have questions on financing.

@Shane Colar

You can purchase a 4 unit with conventional if you plan to put the property in your personal name. A 4plex will require 25% for the down payment since it is a MFR.

@Gil Happy

A HELOC can be very difficult to find on rental properties. Your other option is cash out refinancing. A rental property cash out refinance is going to be 75% for a SFR and 70% on a MFR. A primary home is about 5% higher LTV.