All Forum Posts by: Will C.

@Matt Lefebvre Looks solid. Maybe I missed it but what was the final relationship of your old boss with this deal. Was she originally interested, asked your advice then passed? Partnered up?

Yes, I used a combo of CC and personal lines of credit during rehab. Really took a toll on my score but I was adding a ton of equity in my project. I did a cash our refi and payed off rehab debt, credit score shot back up. At one point during refi process my DTI was on the verge of becoming an issue. Once I explained the cash out proceeds would go to paying off the outstanding revolving debt, it became a non issue. The lender just made it a closing condition that they make the debt payoff directly after closing. So make sure your lender knows your intentions with the cash out proceeds.

@Jefferey Chheuy I was going to say become a pro member and check out the financing pro perks. Guaranteed Rate was running a special right now for BP pro members in which they are waiving lender origination fees. I just refied with them and the process was very efficient. Id shop around, I called 6 lenders and received a wide range of rate quotes.

Is this property currently rented? What is your goal, just to lower monthly PI payment? 

If it was me Id find a better use for the 19k, use to add another property maybe. If your numbers are right on this property, the rate shouldn't matter as much since the tenants are paying it anyway (as long as this was a good deal in the beginning). Spending 19K to refi is just buying increased cash flow, not creating it. If you could get some cash out it might be worth it but in your case your having to put more in.

@Holly Groseth

Depending on what type and how much credit you are utilizing, it can really affect you. Just don't let it get to the point where you compromise your ability to refi. My last two purchases followed by refi's, my credit seemed to swing by 100 points or more. But once I refied and consolidated, my score would shoot back up to previous levels of not higher. Have to be solid on your numbers and make sure you don't miss your mark on rehab and ARV.

@Oliver Luz

Hey Oliver. Alot of generalized questions here. Is the upstairs unit bigger demanding a higher rent? Are you looking to add central ac or just buy some window units to stick in?

As far as refinance, usually after 6-12 months you can begin a refi. Are you planning to add value somewhere?

@Ty Ottaberry

I don't believe AutoPay can be set up as mandatory but an option for the tenant. I'd love to be wrong though because all new accounts will be AutoPay moving forward.

@Justin Tahilramani

Yeah so annoying while using the app...

@Nick Rutkowski

A subsidiary of Overstock.com, Medici Ventures, running bockchain test pilots in Africa. Applying BC to titling and government admin processes.

@Tyron McDaniel can you post pictures and numbers please?

@Taylor White

You'd roughly net 20k on a 80%LTV on 130k appraisal. Remember your mortgage would go up so think about how much that would cut into cash flow. 20% down on 115k is 23k + CC.