All Forum Posts by: Jon Huynh

@Oliver Carey Where are you getting that from? Are they charging you alot points to do the loan then? Private money hovers around 6-12% with 2 points and other fees. Does your place loan in Michigan? 

@Shaun Weekes I will start planning for that. my primary was california and the rentals are in michigan so it caused confusion among things.

@Corby Goade Great advise corby. i'm coming up to the 6 month rule anyway. They are making it seem as though it is standard conventional refi? no mention of 75% LTV. what i'm not looking forward to is another 30 days of explaining my finances and rentals to the under writer. my previous loan was great. bar rate 4.65% $1700 all in fees. small loan amount. but wondering if i could have done this a lot earlier?!?

@Cecilia Arnulphi Ian redmond. he was my attorney for a contractor that left the job site and took a second payment. he genuinely wants to help you get justice.

@Micah Hensley I was just thinking about doing this for my rentals. seems like i know the numbers in my head but i never got around to actually putting the numbers down into a spreadsheet. i think i’m just going to start listing categories ex; property, tax, insurance, management fee, rent, current value, purchase price, total rehab, to date repairs, etc. then maybe do a final value for roe. not sure how this will work but maybe i see something when all the numbers are laid out. Let me know if you can think of anything else?!? :)

So initially i was told by my loan officer that did my refi on my primary, that if i tried to do cash refi on my rentals that i would run into the 6 month seasoning rule. now after 4 months I spoke to his manager and they are now saying that because I bought the properties all cash, the 6 month seasoning rule does not apply? what exactly is the rule for the refi seasoning rule? this just delayed my refi stage by 4 months!

@Nicholas Burrell welcome to BP! are you currently an agent in michigan?

@Courtney M.

Courtney i’m in pasadena but invest heavily in suburbs Michigan. we should connect and share resources....

@Salvatore Lentini i have 3 SFH currently and have done 2 flips in oakland county area of michigan. If you're up for it, I love to be able to speak and chat with those who have found success in the rental game.

What's your turn around time on financing your loans with that local credit union? How are you able to keep borrowing money for each property when your DTI keeps lowering as you buy another house?