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All Forum Posts by: Patrick M O'Neal

Patrick M O'Neal has started 0 posts and replied 5 times.

Post: Commercial Loan or Quit Claim Deed, which route to take?

Patrick M O'NealPosted
  • Appraiser
  • Boone, NC
  • Posts 5
  • Votes 2

That could also be just your lender’s guidelines. Fannie Mae Guidelines are the following:

1. Loan must be closed after June 1, 2016.

2. Original borrower must control or own a majority interest in the LLC.

3. This is subject to occupancy requirements outlined in your mortgage.

4. Property must be transferred back to you prior to any refinance. 



Post: Perpetual cash out refi strategy?

Patrick M O'NealPosted
  • Appraiser
  • Boone, NC
  • Posts 5
  • Votes 2

This idea is based solely on the expectation that your property will appreciate over time. Refinancing isn’t cheap and I feel like this is not a feasible idea. 

Worst they can say is no so hit them super low!

Post: Beginner - Expensive Market Issue

Patrick M O'NealPosted
  • Appraiser
  • Boone, NC
  • Posts 5
  • Votes 2

Hello! I was in a similar situation with my first house. So as an investment, it is all about the cash flow. You can live in it and rent out the bedrooms and be super profitable, but you will be more uncomfortable. FHA loans are great but they tack on PMI. I would treat it more so as your first house with the potential to house hack in order to be profitable.

Post: Use a HELOC to buy investment?

Patrick M O'NealPosted
  • Appraiser
  • Boone, NC
  • Posts 5
  • Votes 2

Interest rates right now are incredibly low. You could refinance your home and use that equity in order to purchase your next investment. That interest rate will certainly be lower but you will have more closing costs compared to getting a heloc. HELOCs are variable and  follow the prime rate but have like no closing costs. I guess it depends on how long you would like to have the loan. If it were short term, I’d go heloc. Long term, a big cash out refi.