All Forum Posts by: Will C.

@Chad Matthews If he overpaid and rent will not cover mortgage payments, what are you going to do with it? Wouldn't you be starting with an already bad deal?

@Rob MacSwan its all depends on what your goals are. Do you think you might move back into this property one day and can you afford to cover the loss each month until then, then keep it. Are you actively investing in RE or starting? Then you may find better returns in multiple properties that are suited better as rentals or multifam.

500K+ sitting in a home is alot of idle equity, also many eggs in one basket. You have been very fortunate with your appreciation thus far but it is not certain that this growth will continue. Most consider betting on appreciation is speculation not investing. Off the cuff calculation i bet you would be getting a 5% return, that money in a fund should yield more.

@Account Closed spelled out. Its all about sacrificing now to be in that better position tomorrow.

@Steven Young are you asking if you can refinance if you purchased with 5% down product? Yes, you should assuming the equity is there and you wait the required seasoning time. Or can you purchase then later refinance into 95% ltv cash out? That I doubt will be possible. My quick check told me 80% ltv was max available. So your deal/value add would need to be significant in order to get your seed funds back out and leave the required 20% in. If it's a great deal, you could get extra back. Also one thing to mention, I'm not 100% on this but if you refinance using a owner occupy product you will be required to live in the property another year. Refinance as investment, terms are less favorable, usually 75% ltv max and higher rate but you would not have to OOcc. @chris mason is the expert on here

@Zach Simpson Thanks! after doing some digging I see it's not the best option for me.

@Rob MacSwan Is this your current primary and are you moving? From an investment standpoint, definitely sell. The numbers don't look good and your earnings could go much further deployed into another vehicle, like a multi family or several single families. Reap the benefits of what you have gained so far, most likely almost tax free.

@Steven Young No problem! Good luck

@Steven Young https://www.biggerpockets.com/forums/49/topics/609628-huge-house-hacking-mortgage-guideline-change-in-pipeline?page=1#p3650820

@Steven Young Check out this recent post. Hints to some loosening of restrictions, especially owning other properties.

So I keep getting these debt consolidation letters in the mail and usually I just toss them not giving a second thought. I decided to open one today just out of curiosity. Are these companies legit or is there some fine print catch going on here? On the surface it looks like a no brainier, trade high interest debt for lower interest debt, save thousands on interest. Just wondering if this could be a short term solution to lower monthly payments until I ELOC equity from my last renovation to pay back high interest debt. Thanks