All Forum Posts by: Mel Hayes

Hello BP,

I have deal on the table where the seller is willing to carry the note for the first year but then I need to find financing. This is not a flip but a long term buy and hold.  I suppose if I can't find financing I could sell but that would be my last option. Are there any other ways to exit without using a bank?  I'm looking for an answer that I may not have thought of yet.

Thanks in advance

@Nick Belsky

Oh I am no broker. Just a guy trying to save a buck.

@Al Pat

I was also told that lenders are steering clear of investment properties.

Your rates seemed a little to include points. What banks/lenders are you speaking with. I do not have a 800 credit score and my first quote was 4.6 with no points.

You should def shop around.

@Mark Seery

house hack.

@Felix Menendez This is on a investment property?

@Vince Rodriguez

Congrats Vince on the two refi's. My properties are not located in California and I'm not sure what your credit score is but that is another factor to consider.

I just got another quote for 3.875% with one point at 75% LTV. This actually the best rate so far in my opinion.

How do you guys feel about paying points for lower rates?

@Alex Wise

question for you Alex, how involved do you plan to be in your property? I've dont both long term and vacation rentals and I prefer short term for a few simple reasons; constant access to the property, bad apples don't last long, flexibility in schedule, multiple exits.

Long term rentals offer more stability but less flexibility.

Wow. such great responses. All very helpful.

@Abby Weinstock

Thank you Abby,

credit 700

Single family Home.

Hello everyone, Like most investers right now I'm trying to do a Cashout Refi.  I've spoken to about 5 lenders and I've gotten a vast amount of responses to my attempt to Refi.  Some lenders have told me that they are staying far away from investment properties.  The other 3 lenders gave me different interest rates.  One lender quoted me 4.6%, one said they could do it at 3.1% (which sounds like bs) and another told me 3.8 that would cost me 1 point.  

My question is what is a good realistic rate on a cashout refi?  What is bad deal on a cash-out refi?  Has anyone (lender or borrower) done a cash-out recently?  What is the current market for cash-outs right now?

Thanks to all those who reply.