Posted by Patrick S. Lawson on July 29, 2006 at 11:23:34:
“Which is best route…cash out refinance of that property or finance a new purchase?”
Depends on the numbers. With your scores you should be able to cash out or purchase another property up to 80% LTV with ease. Rates on both are going to be about the same and more than likely at or above 8%.
Cash out refi existing property or ? - Posted by Randy
Posted by Randy on July 29, 2006 at 09:13:28:
I am a wholesaler and rehab/retailer in central Mississippi.
Typically, I use existing cash and LOC for short term financing of my properties until sold. Considering financing a deal or two. I have one property that hasn’t sold ( 12 month seasoning). Which is best route…cash out refinance of that property or finance a new purchase?
Scores 756,758, and 780 self employed want to go No doc
The houses are purchased for $30-60k, appraise after rehab $60 - $120k, $15-30k net
Any suggestions?