All Forum Posts by: Samuel Kunzman
Samuel Kunzman has started 2 posts and replied 4 times.
Post: Tax Implications of a Cash out Refinance
- Albuquerque, NM
- Posts 4
- Votes 1
Hello, I am trying to determine whether the interest on a cash out refinance for an investment property is tax deductible. I know on your home if you do a cash out refinance that you have to spend the new delta of loan proceeds on your home for the new interest, above the original loan amount of interest, to be tax deductible. Been asking around and not getting a straight answer so any help here would be much appreciated!
Post: Cash Out Refinance Hacking?
- Albuquerque, NM
- Posts 4
- Votes 1
@Ryan Dossey Good point, we haven't been given the option as the lender typically went with the cheapest but if we are paying for it then I don't see why they would care -- unless they have to go with the lowest cost. On the six-plex I think its worth (selling) $500k at a 6% Cap as its really nice in a great location. On the 12-plex I think it is probably worth (selling) $700k-$750k at a 7.5%-7% Cap as it is been upgraded a lot but is in an up-and-coming neighborhood.
Post: Cash Out Refinance Hacking?
- Albuquerque, NM
- Posts 4
- Votes 1
Thanks for the input! It is amazing that the appraisals do seem to magically come in but we have gone through the process, made the case and still haven't got there. Also, I have never seen a loan where the borrower gets to pick but I have seen where the lender does which is a huge advantage obviously but they are usually special programs.... We have utilized these before and the one we used was through a program set up to take advantage of mortgage finance authority monies. Would love to find more of these as our current go to is depleted at the moment. They tend to have good rates but are shorter term as well.
Post: Cash Out Refinance Hacking?
- Albuquerque, NM
- Posts 4
- Votes 1
Hello,
My business partner and I are looking to do a cash-out refinancing on a couple multifamily buildings we have here in Albuquerque, NM. The values aren't high enough for Fannie and Freddie loans, and every portfolio lender we have been contact with doesn't get any say in who they get stuck with on the appraisal. If you have experience working with a lot of appraisers there is a huge discrepancy in valuations they come up with depending on how skilled they are in finding applicable comps. Does anyone know of any lending programs where there is visibility into who gets to do the appraisal?
Many thanks in advance for any input.