 rate check (by ned [AL]) Aug 4, 2024 2:53 PM
 rate check (by NE [PA]) Aug 4, 2024 2:54 PM
rate check (by ned [AL]) Aug 4, 2024 3:03 PM
rate check (by Ken [NY]) Aug 4, 2024 3:36 PM
rate check (by NE [PA]) Aug 4, 2024 3:40 PM
rate check (by ned [AL]) Aug 4, 2024 4:12 PM
rate check (by Jim [CA]) Aug 4, 2024 4:14 PM
rate check (by 6x6 [TN]) Aug 4, 2024 4:34 PM
rate check (by MikeA [TX]) Aug 4, 2024 7:26 PM
rate check (by DJ [VA]) Aug 4, 2024 7:49 PM
rate check (by zero [IN]) Aug 5, 2024 8:45 AM
rate check (by Ray-N-Pa [PA]) Aug 5, 2024 12:42 PM
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rate check (by ned [AL]) Posted on: Aug 4, 2024 2:53 PM
Message:
For those of ya'll who have financed a SFH rental in last month or so...
Wondering what rate ya'll would expect to pay to local bank for single family home rental, 20% down, 20 yr am, fixed for 5 years...$500 loan fee...
--74.132.x.xx |
rate check (by NE [PA]) Posted on: Aug 4, 2024 2:54 PM
Message:
Working on a refi now and they said it’ll be somewhere between 8 - 8.5%. --24.152.xxx.xx |
rate check (by ned [AL]) Posted on: Aug 4, 2024 3:03 PM
Message:
That's what my "regular" banker told me yesterday, 8.5% lol. I was hoping he was high.
(I always get 2 rate quotes from local/regional banks)
The one I'm buying is $70,000. I expect to do literally nothing, and except re-list it for sale immediately at $95,000, hoping to get at least $85,000.
Not a lot of meat on the bone...but not a lot of risk either. (Very nice house, in excellent shape... several direct, recent comps)
Expecting not to hold it too long...I wasn't too worried about the rate... but didn't want to overpay crazy.
--74.132.x.xx |
rate check (by Ken [NY]) Posted on: Aug 4, 2024 3:36 PM
Message:
Ned- if you do this deal make sure there are no prepayment penalties.If you get $85000 and pay a commission on the sale and closing costs on both ends you wont make enough to be taking the risk of doing the deal to begin with. --74.77.xx.xx |
rate check (by NE [PA]) Posted on: Aug 4, 2024 3:40 PM
Message:
Agreed. I wouldn’t do this deal as a flip. --24.152.xxx.xx |
rate check (by ned [AL]) Posted on: Aug 4, 2024 4:12 PM
Message:
I get the hesitation with the relative small amount of profit...but it is very low risk/low hassle...move in ready. and I trust my comps.
And, I would expect to sell without broker commission.
Plus, my backup plan if something happens I can't get what I need out of it is to rent it.
But I get it, I do generally try for more profit on flips (like 25% of sale price).
Honestly, it's the kind that I'd rather pay cash for it to take out the closing costs at the front end...but I'm a bit shy right now.
--74.132.x.xx |
rate check (by Jim [CA]) Posted on: Aug 4, 2024 4:14 PM
Message:
My current rate on my HELOC is 8.75%. --198.44.xxx.xx |
rate check (by 6x6 [TN]) Posted on: Aug 4, 2024 4:34 PM
Message:
I was thinking cash. Pay yourself the interest and a whole lot less paperwork. --76.129.xxx.xx |
rate check (by MikeA [TX]) Posted on: Aug 4, 2024 7:26 PM
Message:
A new investor I'm mentoring was quoted 7% this last week which was down .5 from the week before. Shop around, you might find something closer to 7%. --209.205.xxx.xx |
rate check (by DJ [VA]) Posted on: Aug 4, 2024 7:49 PM
Message:
I just got a quote of 8.5% for an adjustable HELOC --68.229.xxx.xxx |
rate check (by zero [IN]) Posted on: Aug 5, 2024 8:45 AM
Message:
I would try for a HELOC or even a signature loan. Little to no closing costs.
If it turns out you want to keep it then a refi is in order.
That reminds me that I need to start shopping for HELOCs again. Paid all mine off and closed them out because I am silly. --107.147.xx.xx |
rate check (by Ray-N-Pa [PA]) Posted on: Aug 5, 2024 12:42 PM
Message:
I got 7.5% fixed for 5 years on a 20 year note about 10 days ago. I am waiting on the rate sheet for the next closing which is suppose to be in another three or so weeks. I am not sure if it will be 7.5 or 7.25%. The bank that I deal with simply will not lock in longer than 10 years. So I have to deal with rate adjustments every five years normally. There is an other bank that I deal with. They tend to about 3/4% higher but do lock ins up to 20 years on commercial loans for SFHs --24.101.xxx.xxx |
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