This post has been de-listed
It is no longer included in search results and normal feeds (front page, hot posts, subreddit posts, etc). It remains visible only via the author's post history.
1
Advice Needed ASAP
Post Body
Hi Reddit! I apologize for my notes as I am in a rush to work and wrote this out last night.
Quick back story:
- Purchased my home, refinanced and cashed out (15 year, 2.875%). Mortgage is $1300/month and renting out two bedrooms for a total of $850/month.
- Bought a rental property in cash (from savings and refinance) and rehabbed ($122k total, renting at $1350/month, one year lease started August 1st).
- Moving onto next property, $165k (already have a renter starting in October at $1500). I am putting $100k down and will borrow $65k. I initially was going to buy it with all cash but figured I would keep that $65k to keep looking for another property.
I called bank (local credit union) about my options and this is what Iโve been told...
Business Loan
- 3.5% for 5/1 ARM and then it would mature at year 10 (Can amortize over 15-20 year payback though to keep payment low)
- Closing costs roughly $1500, maybe less
- Complete a personal financial statement
Real Estate Loan
- 30 year at 2.875%
- Closing costs roughly $7000 since itโs going into a LLC
Refinancing Rental Property (business side)
- 5/1 arm 3.5%
- Cash out equity
- Determine loan payback
Which route would you take in continuing this process?
Duplicate Posts
2 posts with the exact same title by 1 other authors
View Details
Author
Account Strength
100%
Account Age
10 years
Verified Email
Yes
Verified Flair
No
Total Karma
6,468
Link Karma
908
Comment Karma
5,542
Profile updated: 1 month ago
Posts updated: 2 months ago
Subreddit
Post Details
We try to extract some basic information from the post title. This is not
always successful or accurate, please use your best judgement and compare
these values to the post title and body for confirmation.
- Posted
- 4 years ago
- Reddit URL
- View post on reddit.com
- External URL
- reddit.com/r/RealEstate/...