All Forum Posts by: Marquin B.

Hi BP Community,

Just looking for some advice as it relates to refinancing. We live in our first property which was pretty much a multi family house hack (3 units) and eventually sold one of the units. The bank is recommending that we come in and refinance, except the option of a construction loan is no longer an option at this time. So we found a repossessed triplex for 380k with about 70 in upgrades to improve the property (450k total).

Our current property is appraised at $730k with a balance of 248k and can pull out about 300-320k out with a refi. I'm having a hard time with the idea of not pulling the cash out first because the second mortgage isn't giving us any cash to walk away with outside of the 450k mortgage. Am I missing something here? Shouldn't they take the down payment from the equity and make some of the rest of the equity readily available? The second property has more than 25 in equity at purchase. Please help me navigate I would hate to make a huge mistake. Thanks in advance

Hi Joseph, thanks a million for your help.I should have enough but the banks seem to be limiting my available options.I think next week I will go in and have a talk with someone else at the branch.I will direct message you once I have more details next week. Thanks again I truly appreciate the advice.

Hello BP community and thank you for having me.I need some advise on my suggested next move. I Orginally owned 3 townhouses which was built out of pocket through 2 stages of construction with resulted in about 260k in equity. One unit was sold @250k and the current mortgage balance is 260k but it's not low enough LTV to have one of the other two units free and clear from the bank (1 unit appraised @ 320k and other 275k they can combine cashflow of about 5500 pm rented). I spoke with a mortgage broker recently and based on his calculations I would only be able to borrow 360k to purchase another property. My market is pretty expensive just a duplex nice enough would cost about 500k minimum based on the size and location. I live in one of the 2 units and the local banks are only using 50% of the rental income towards my DSR. My current mortgage has not been adjusted after the sale and it's $2840 pm @6.25% (10 Years Left on Mortgage) and the current local rate is currently @ 4.25%. My intention was never to get stuck but the bank took all of the cash from the first sale. Please help, any advise would be appreciated