2022.01.27 00:05 ForeverInBlackJeans Please ELI5 cash out refi and investment properties
I currently own and live in a house worth approximately $1MM. The mortgage is only $300k and runs me $1500/month. So I have $700k in equity. I have no other debts whatsoever and excellent credit.
I am looking to move up to a slightly largemore expensive house and though the plan all along as been to sell my current home, I have considered the idea of keeping it as an investment property since the rental value would be close to $3000/month. This would mean doing a cash out refinance on my current property to use as a downpayment on my new one.
In speaking with my mortgage broker I was informed that this wouldn't be possible since my current income could not qualify me for a significantly larger mortgage on my current home, let alone a second mortgage on a second home. Given my current income, that is fair enough. The point of a rental would be to cover the entire mortgage on the first property and ideally to cash flow at least a bit to offset the new mortgage on the new property, but admittedly the numbers don't check out for me.
If I pulled $300k out of my current home as a downpayment for my new home, my current mortgage would essentially double from $300k to $600k and obviously the monthly payment would double too from $1500 to $3000 completely demolishing any cash flow and not leaving me any room for maintenance or repairs....or property taxes or anything else. And then if my new property was around $1.2MM I would have a mortgage of about $900k which would be far more than I could afford.
So I guess my question is, how do people qualify for mortgages on investment properties? Do they start out with crazy high incomes on their own? I feel like I'm missing something here....
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2022.01.27 00:05 sanjizoro1028 Who's the best teacher?
2022.01.27 00:05 Ranga-Banga Best f2p imps I've ever done.
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2022.01.27 00:05 kelvinjannsens We are delighted to announce that Bridge Mutual has collaborated with #EPNS to enable decentralized notifs for users! 🤩💫
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2022.01.27 00:05 artfox22 Ocean cord and her post
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2022.01.27 00:05 Rude-Crude-Tattooed G.I. Joe Classified Top 10 Most Wanted
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2022.01.27 00:05 5gGoblin How can u be proud of ur accomplishments without boasting? / sounding like a dick?
2022.01.27 00:05 TrendingBot [TRENDING] /r/PokemonLegendsArceus - Pokémon Legends Arceus (+1,238 subscribers today; 168% trend score)
2022.01.27 00:05 TravisWWE12 Tiffany Stratton
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2022.01.27 00:05 unopened_cereal WMTSS VI is now officially Dani California
See title. This was announced at 10:03 EST during a livestream.
The song was previously planned to be a Little Stinkers and was upgraded during production.
"C'mon, it's the Peppers"
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2022.01.27 00:05 IcePhoenix295 Mando makes the rules now.
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2022.01.27 00:05 doslicious I want to make a lego crossover with time cruisers being the main focus do you have any ideas i could use
2022.01.27 00:05 McCassius Drake the type of dwarf to kill himself after not getting a toy in his happy meal
2022.01.27 00:05 Ramonzera_ It's possible to have 1.5 mobile this year?
2022.01.27 00:05 MaidenOfTheFae Flashmob Surprise Proposal (Emotion Rise)
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2022.01.27 00:05 ShadowsGirl9 Remember pictochatting your friends from across the room? (OC)
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2022.01.27 00:05 hackercombine How do you take over HUMANS??and how do I escape this land it has weirdness
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2022.01.27 00:05 LousyAcademic Homewood apartments thermostat
2022.01.27 00:05 HalfDwarven Question about playing Maxfun podcasts without Spotify
Since Spotify decided to choose Joe Rogan over Neil Young (which isn't necessarily a big surprise), I've decided to get rid of Spotify -- which is where I listen to all my favorite Maxfun podcasts.
If I get Apple Music, can I listen to podcasts there? I can't find an answer that seems up-to-date and reputable, so I figured I'd check with you all. I have an Android device, btw. I realize that that doesn't matter for Apple Music, but I figured I'd mention it in case it matters for something else.
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2022.01.27 00:05 redstag1559 Growth spurt
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2022.01.27 00:05 BootyScience To get a shiny Cresselia or Mesprit - Does it reroll for shiny each encounter or does it get set at the initial encounter that sets the Pokémon free?
2022.01.27 00:05 Gulabo-1911 कृपया कॉमेंट में ज्ञान चोदे
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2022.01.27 00:05 PlumNo1275 Tell anythings in your life that was like a Chad/ Gigachad moment.
I have some.
2022.01.27 00:05 Pranosaurus Can You Get Legitimate Engineering Experience from a low-paying Engineering Job as a Jr. Are all These pretty much worthless in terms of experience
For example, a job at some smaller company in So-Cal getting paid 15-20$/hr without benefits. Do these "Engineering" or "Software Engineering" jobs have any real chance of panning out to where you can call yourself an Engineer with experience,
or do these never really offer more value than just working at Grocery Mart with some added high expectations and large responsibilities that comes with these smaller companies.
For the most part they don't really seem to have any experienced Engineers on site. I'm pretty convinced because of this reason that its unlikely
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2022.01.27 00:05 gmd427 Recordings of Possible Botched Administration of COVID Vax on Kids "Some people got the wrong one" 33K views · 1 hour ago Project Veritas
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