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I have a set of 4 single family investment properties and am looking to refinance them on a commercial note? They really are not seasoned and I was wondering if anyone knew of a lender that would refi them and give me some cash out at about 80-85 loan to value? They are all rented and produce a good cash flow monthly and all were recently remodeled. They are all located in Columbus, Ohio.

www.peoplesbancorp.com. Call Rick Lentz @ peoples bank. I have worked with them on several projects and they have a down to earth quality I like. They do commercial and residential and are looking for new clients.Oak Hill Banks is another good lender that is easy to work with.They have several branches also. We work with the one out of Chillicothe and the contact is Jeff Doles.

I had lost my job and found another job in another state. We found renters for our house but have had to use their rent for the last couple months to live off of because we depleted our savings trying to stay up on the mortgage. Their rent is about $100 short of the payment, when you factor in property taxes about $450 short. We have eliminated expenses and lowered our monthly bills over the last several months. The thought is refinancing our now investment property to try and get a positive cash flow. The alternative will more than likely be us ending up foreclosing on it or a short sell, because of our current financial situation. We are currently 3 months behind.

Or does it make more sense to cut our losses and take the hit on our credit? We are currently renting and would like at some point get into another mortgage so we don’t feel like we are throwing away our money to someone else. But we can stay renters in our current house for as long as we may need to.

I don’t know where to begin to help you.
But keep in mind that Bobama might extend that 8K tax credit.
It might be 15K for everyone, not just first time home buyers.
This may pass as soon as January.
Hopefully you’ll be able to sell your old house.

Myself: I would never take money out of a 401K.
If you do, set aside 40% for tax time in April – you’ll have to write a big fat check to the IRS for that 10% penalty and whatever your tax bracket is.
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Investment properties are getting harder to refinance after the properties have been fixed. Does the government understand that when they lower the interest rate the lenders make it harder for anyone to get loans and requiring higher credit scores, higher savings, and just higher requirements to even qualify for regular loans? Not to mention how much more ridicules requirements are for investors.

The government needs to STAY OUT of business as much as possible. Investing is a personal choice that not no one is forced to make. Everyone needs housing, so help should be available to supply it. But the tax payers should never have to bear the burden of supplying the private sector with profit. If you are an investor and not making a profit you are simply in the wrong field, you need to get out, not stick your hand out.

If I decide to deed this property to an associate and they decide to refinance the property I gave them, will their be questions raised later on if (by chance) I am audited by the IRS? I have made NO money off the property personally. but their is value in the home. By me not selling the home will that be a red flag to the IRS???

I doubt the IRS will come after you unless you have some other reason. As long as the new owners have clear title they will be able to get refinancing

I want to buy a new property for more room (family expanding) but I would also like to keep the one I own (condo 1bd/1bath) as an investment for years to come. As of now, I would taking a hundred to 2 hundred dollar loss each month. I also plan on refinancing the current place to hopefully break even. How hard is it to get approved and is there anything I should do before I start trying to make the move? Thanks in advance. use full links are welcomed too!!!!

First ensure the HOA allows rentals. Then you need to search for a commercial lender. You will not get a conventional mortgage on a rental. You also need to get a new insurance policy. Everything for the condo is based on you living there
You still need your down payment for the next place.

I am planning to refinance with a 5/1 term since this is only an investment . what will be my estimated monthly mortgage on a loan of $ 370,000.00 and a rate of 7.5 %?

Depends are you in an interest only or principle and interest loan?

Interest only = 2,347.19
Principle & Interset = 2,625.90

Both based a a 5/1 libor 30 amtorization.

Let me know if you have further questions.

Example: propert is appraised a $65k, 80% of that is $52k. Amount owed is $24k, cash out would be about $24 after fees. Would taxes be owed on this amount or only when house is sold for final price?

No taxes due on the cash out from the refi.
It is one strategy to obtain tax free $ from investment RE. Your basis does not change however, and the amount of cap gains will still be based on the sales price less the basis.

residential, commercial, investment, construction, refinance, 2nd mortgage, foreclosure buy back, or any other reason concerning real estate.

Advertising here is a violation of the TOS. Delete your "question".

Someone told me that she wants to refinance her investment properties but she has possibly below 600 scores. Her properties are conventional mortgages and inquiring about refinancing FHA.

FHA stands for "Federal Housing Authority". That government agency exists so that lenders feel more safe lending money for homes to people (mainly poor people) so that they can own a home and live there. FHA is not there for rich investors.

I don’t see why she would want to refinance to FHA anyway. She probably won’t get any better payment terms. If she has loans on her investment properties that are conditioned as "owner occupied," then it could be a violation of the loan terms if she herself doesn’t actually live there. Mortgage companies usually require 30% or more as a downpayment for investment properties. If she has less than 30% equity in her "investment properties" (i.e., properties which she is not occupying herself), then she could get in trouble with the mortgage companies that hold her loan.

Tell her to be careful and to forget about an FHA loan for properties that she does not occupy herself.