“Refinancing Investment Properties”

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Mortgage and Lending with Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 NMLS # 6869

“Refinancing Investment Properties”

 

 

 

So based on our conversation, I'll need to keep it for 6mo. If it appraises for 150K, then is the maximum mortgage I can take out 105K (70%) or is the maximum cash I can take out 105K? I just want to make sure I'm clear on my numbers. I wanted to take out a mortgage for around 135K, but I don't know if I can just pick and choose the value I want, as long as it's under the appraised amount?

Thanks!

Amanda

 

Unfortunately, many are a bit unrealistic when it comes to refinancing investment properties. In Amanda’s situation if her property will in fact be worth $150,000 after renovations and 6 months of ownership, the loan amount would be $105,000, not the $135,000 that she wants.

 

I explained to her that the property would have to appraise over $190,000. She told me that her research showed that value would be closer to $150,000, but she is willing to have the property appraised to make sure.

 

Image courtesy of RenjithKrishnan/freedigitalphotos.net

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Joe Petrowsky, NMLS #6869

Right Trac Financial Group, Inc. NMLS #2709

110 Main St.

Manchester, Ct. 06042

Office: 860 647-7701 x116

Fax: 860 647-8940

Cell: 860 836-9294

Email: joe@righttracfg.com

www.righttracfg.com

www.joepetrowsky.com

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Joe Petrowsky does not guarantee nor is in any way responsible for the accuracy of the information provided herein, and provides said information without warranties of any kind, either expressed or implied.

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Rainmaker
798,865
Sheri Sperry - MCNE®
Coldwell Banker Residential Brokerage - Sedona, AZ
(928) 274-7355 ~ YOUR Solutions REALTOR®

Hi Joe Petrowsky - Amanda is doing the right thing by getting the property appraised. It will give her a baseline. But wouldn't there be a mortgage appraisal anyway? 

Jan 13, 2017 03:57 AM #1
Rainmaker
1,112,179
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

The need for correct information is why it is so important for you to be involved in the process and provide the details! 

Jan 13, 2017 04:27 AM #2
Rainmaker
515,217
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

Joe Petrowsky I network with a lot of investors interested in cashing out equity on investment property. So many of them don't understand the basics. Thanks!

Jan 13, 2017 05:01 AM #3
Rainmaker
2,479,053
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker

Good morning Joe. Not a queston of what you want as mauch as what can I get? Enjoy your day!

Jan 13, 2017 05:09 AM #4
Rainmaker
2,848,712
Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good morning Joe. Very informative. Investment properties are unique on so many levels. I remember.

Jan 13, 2017 05:31 AM #5
Ambassador
1,307,051
Joe Pryor
The Virtual Real Estate Team - Oklahoma City, OK
REALTOR® - Oklahoma Investment Properties

Good advice. A lot of potential investors call me to get fixer uppers thinking that they can refi at a zero our of pocket loan. 

Jan 14, 2017 07:33 AM #6
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Rainmaker
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Joe Petrowsky

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