All Forum Posts by: Joe Pirapakaran
Joe Pirapakaran has started 1 posts and replied 2 times.
Post: Refinance question for BRRRR
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Quote from @Nicholas L.:
lenders have a maximum LTV they can give you, and almost no one does 80% right now - it's 70-75%
the higher the loan amount, the higher the monthly payment
the lender doesn't care how much you owe - you could owe $20K or $200K - if they do 70% LTV, you'll get $140K
Hi Nick
Thank you for the info !
how about if you owed your private money lender 100k instead
if your able to get 140k off the 70% LTV.
would you refinance for the full 140k or just the 100k you owe your private money lender ?
could you take the 40k extra after paying back the private money lender and roll that into another deal thus needing to borrow less private money next time?
or would you refinance for the 100k so you could cashflow more per month?
is one option better than the other or is it just personal preference ?
Post: Refinance question for BRRRR
- Posts 2
- Votes 0
Wondering if anyone can provide some insight
So your done rehabbing your deal and ready to refinance
lets just say, you owe your private money lender 140k thats purchase, rehab and interest
the house appraises for 200k. With a 80% cash out refinance your loan amount is 160k
Are you only writing a loan for the money you owe the lender ? (140k) or the full 80% of the ARV (160k)
what are there pros and cons of both ?