financing 5 units in los angeles,ca
Posted 22 October 2004 - 11:50 AM
I own my home with approx. $500,000.+ equity, my credit is good = 694 (as of 3/04 when i refinanced). I owe 295,000.k on home at 5.875 fixed f/30yrs.
The value in this rental property is in the real estate not the rents...I plan to hold on to it for at least 10yrs. Any suggestions? If i manage to get family/friends to loan cash or partner to purchase can i then eventually refi to get some cash out?
Posted 22 October 2004 - 12:53 PM
If you know where the real estate markets in your area are going to be in ten years then you have a very special gift. I can tell you that in some distressed parts of my city you can buy apartment buildings for $30,000 a unit. This could happen to your property.
”… can i then eventually refi to get some cash out?” A year from now a good lender is still going to look at this with rental income as a source of repayment. If those levels of rent are still there then it will no be possible to refinance.
I am sorry to be the bearer of bad news
Posted 23 October 2004 - 09:36 PM
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