All Forum Posts by: Rhowela Friel

Hello All! I am fairly new to real estate investing and closed on my 1st property in Michigan recently. I have family near Kalamazoo, but currently live in Southern California. I am looking for a General Contractor recommendation. The home needs some work before I can  rent it out, and I’m hoping to get a General Contractor to help me with the renovations, since I am Out of State. Thank you so much for your recommendations! 

Thank you all for the insight. And yes, the 3% interest rate is significantly lower than what we can get on a conventional refi and we are able to pull more money out. Our plan is to use the money as down payment for 1-2 properties and yes, if we didn't go through with it, we would try to save enough for a down payment down the road. Part of the scare is also that we would be increasing our monthly mortgage from 2.7k/mo to 3.6k/mo. 

Hello. I am new to real estate investing and my husband and I are currently in the process of doing a cash out refi on our primary home. Our mortgage currently is 480k at 2.875% and with the VA cash out refi, it would be 647k at 3% with 133k cash going to us. We are planning on using the equity to pay off our car and purchase additional property.

The refi my husband and I are doing is a VA cash out refi with a 2.5% funding fee. With the funding fee, our closing cost is about 33k. This seems like such a high amount of money to pay to pull out 133k. I'm now apprehensive to go through with it. I'm hoping I can have some help with deciding to move forward or not.

Thank you for your time.