Juicing Up the Rental Market Portfolio.com
Hile he was a student at Harvard Business School, David Vivero, 28, noticed that publishers were moving from a print-only model to the online world, but that the real estate business lagged behind.Vivero, whose family manages rental properties in Miami Beach, met with property managers around Boston and discovered that many were using a cumbersome mix of sticky notes, three-ring binders, and other tools to track rental listings.
“Well over a third of all housing in the U.S. is in rentals, and despite that enormity, it remains a cottage industry,” said Vivero, who founded San Francisco-based RentJuice, to address just those concerns.
Having worked as a summer associate at venture capital firm Mayfield Fund and as a strategy consultant at media companies transitioning to the Web, Vivero believed he could deliver better tools for real estate professionals. He teamed up with Kunal Shah, whom he’d met through a mutual friend, and they raised $500,000 in initial capital to start RentJuice.com in late 2008. By mid-2009, they were generating revenue, and the company is now providing Web-based services for landlords and real estate professionals in Chicago, Miami, New York, and Boston.
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Can i refinance rental property?
Can I refinance my rental property having two loans on it. The first is option ARM and the other is HELOC. Can I refinance only the first so that my LTV is below 75%. Can I pull another heloc to pay down the first heloc with lower rate
Yes you can do what your proposing but why would you? The interest rate on a first is going to be lower than the rate on the HELOC and will be fixed for some period of time up to 30 years... A HELOC is going to start at prime (8.25%) and being an investment property have a hefty margin on top of that rate. When you pencil out the numbers I will bet you that a new first to 80% (or higher if you can get it without MI) will cost you alot less per month.
Also, anyone who claims that they can get you a lower payment than your option arm payment (minimum payment only) is not telling you the truth. When you refi into a fixed or interest only product you are going to see your payment increase since your paying principal and interest or at a minimum the full interest payment due.
There is a possibility that you can get a new HELOC at a lower rate than your paying on your existing one but again, in the long run your will be shorting yourself thousands by doing your loans this way. HELOC's are adjustable and interest only. Your not making any headway on it buy only paying the minimum due and if the fed raises the rate then your paying even more just to stand still.
If you would like to discuss your situation please feel free to drop me a line.
Kevin 949-375-2380
kruorock@firstratelending.com
What's the best way to refinance a rental property?
I have a rental property and need money for my sons college but do not want to sell the property? I always hear that you can pull money out of a property, but don't know how to do it. I have at least 80% equity in the property? Help
You have many options from refinance to line of credit to home equity loan. A solid loan officer will steer you in the right direction and get you the lowest rate. I recommend First National Banc Corp. They do business in most states and are your best opportunity for someone to say yes. ADDITIONALLY, IF YOUR CREDIT IS SUSPECT, THEY SOMETIMES FRONT THE MONEY TO GET YOU INTO A CREDIT RESTORATION PROGRAM SO THAT YOU CAN QUALIFY FOR A LOAN. Check out the free evaluation form at the source website and a First National loan officer will contact you within 24 hours. Good luck.
How hard is it to refinance your home as a rental property?
Our current mortgage needs to be refinanced no matter what we decide to do, but we are considering using the home we live in as a rental and buying another house to live in. Our mortgage now requires that we live in the home. How difficult is it to refinance as a rental property? Our credit is good. Has anyone out there done this?
Most lenders will just require an assignment of rents and leases if you have checked zoning and gotten the permits and the things needed to set up a rental property in your state
This is not a problem. In CA you don't need any permits, I don't know where the other poster lives, but I have never heard of that.
Some HOA disallow renters, so you need to check that if you are in one of those communities.
The mortgage gets redone as an investment, which changes your taxes a bit. Use a tax professional to keep it straight and get all of your benefits.
Im trying to refinance my rental property?
If its a rental property will the interested be higher if I dont live in the house?
Yes, but not significantly if you shop around.
Also note, more equity is required in investment refis and the credit guidelines are stricter now.
Rental property refinance interest deduction?
I want to refinance my rental property from currently loan amount of 30K to 170K, can I deduct the interest on the 170K new loan on schedule E, against the rental income, the cash out portion (150K) is used to pay off other loans or card card debt that I used to buy or support other rental properties over past years.
Yes, that shouldn't be a problem. But I would consult a CPA directly to be certain.
saccashere@yahoo.com
Should I refinance and consolidate loan for rental property and MIL home?
We have a small rental property (6% interest) and we signed for our MIL a home (8%, but she pays us for the monthly payment). We know that if anything happens to her, we would be responsible for the balance, or we could turn it into another rental.
With the current rock bottom rates and the fact that we have 30% equity in our home, should we refinance to combine all these into one large payment?
Nope. You cannot combine loans for two seperate properties.
Refinance a rental property?
Can you refinance a rental property? Is it more difficult than a normal refi? Are there special rules?
The bank does not care very much if the property is a rental, but it WILL have an impact on refinance. All the bank cares about mostly is the value of the property and whether you are a good enough risk that they can be reasonably sure they will get the money and interest back. You lose points for not living in the house as a primary residence because people who do not live in the house do not feel the same ownership, so in that respect, YES, it will be somewhat harder to refinance. An absentee landlord does not care as much that the property value be maintained as an owner actually living in the house.
If it is a single family home and you are leasing it out, you will pay a higher rate, and the lender will look at the leasing history. Of course, you should be able to refinance. Call a mortgage broker and get the specifics for the property you have in mind. I am guessing that you already own the property, and that it is financed already, since you are asking about "refinancing" rather than financing. If you are to be a first time owner, the rules are different. Talk to a mortgage broker and you will get the answers you seek.
How do I refinance a rental property?
Gather the following...
*Copy of the rental agreement (lease) with your renter
*Your last 2 years tax returns
*Proof of current income
Next...
Hit up a few local banks AND a few mortgage brokers...
Finally...
Select a lender. Keep in mind that some may higher rates than others, but the main thing to keep an eye on is what percent of the property value (LTV%) or loan to value percentage the lender will loan you. Most lenders only loan up to 80% on rental properties. If you shop, especially with a savvy broker that has access to a lot of lenders programs you may be able to do 90%+.
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Rental property refinance question?
I live in Ohio and we just refinanced our home we live in in June 2007. With the lower rates, we were thinking about refi-ing our rental property. Are there any clauses out there that state rental properties can not be refi for the same rate as a home you reside in? I thought I had heard that before. Also if so, any suggestions how to get around this?
Thanks
You will not get the same rates on your rental as yor primary residense. There is no way around it without committing fraud. In order to refinance your rental you will need at minimum 10% equity.
It may still be worth it to refinance if you are able to do so because even though rates are a bit higher, you can still save money.
To refinance a rental investment property in Ca.?
Due to this apparent sub-prime crisis i cannot get anyone to refinance my rental investment property in California. I have a lot of equity in this property, anyone got any ideas .
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