All Forum Posts by: Panos Coufos
Panos Coufos has started 3 posts and replied 3 times.
Post: Cash Out Refi Max LTV?
- Posts 3
- Votes 7
Anyone have experience with a cash out refi exceeding 80% LTV? Do lenders do that?
Hey everyone! My name is Panos, and Bigger Pockets has helped change my mindset towards all things life...I am located in Manchester, NH and currently own two doors...looking for more! New to this whole thing, but loving it! Feel free to reach out to connect.
Post: HELOC to Fund Downpayment on Next House Hack?
- Posts 3
- Votes 7
Hi everybody! I bought my first property in September 2023. It is a duplex and I live in one side and rent out the other. since purchasing the property with a 10% down portfolio loan through a local bank, I have done extensive repair work and renovations. The work together with appreciation suggest that I will now be somewhere between 20 to 25% equity. The bank is coming out for an appraisal so I can drop my PMI (woohoo!!).
I would like to get into house hacking another small multifamily as soon as possible. A local bank will give up to 100% LTV HELOCS (up to $400k). I am thinking about taking out 5 to 10% to fund a down payment on my next live in multifamily house hack. On property number one, I would cash flow $750 a month after mortgage, taxes, and insurance if I also rent out the unit I live in. After the HELOC, it would drop down to about $450 per month.
My goal is long term equity and appreciation, and not cash flow. Is this a wise decision to use a HELOC on property number one that only has 20 to 25% equity in it to fund a down payment for a live in house hack in multifamily property number two? I have cash reserves and money in retirement accounts, but I don't want to dip too deeply into my reserves. Thoughts? For reference, I am 30 years old and not married. Having a real estate license, I would credit the commission payed out I would receive for being my own agent towards closing costs for the new property.