AboutBret Temple Expertise I can answer any question that pertains to Real Estate Finance, both in Residential and commercial Real Estate. This includes questions on Financing the purchase of a new home, refinance, debt consolodation, 100% Financing Loans, FHA, VA, and pers/Sters Loans as well just to name a few.
Experience I have over 10 Years in the Mortgage Lending Field, working as both a Banker, and now currently owning my own Mortgage Brokerage Firm. I specialize in working with Family Law Attorneys, Estate Attorneys, and First Time Home Buyers, although I don't limit myself, and welcome any kind of client in need of financing. Because I also Interned at Merrill Lynch, I have thourough knowledge of Financial Planning and utilize that knowledge when helping someone to find the proper loan to suit their needs. I am also qualified to assist clients in credit counseling, at no charge to them at all.
Organizations Southland Regional Association of Realtors
Education/Credentials Bachelor Degree in Business Administration (emphasis on Finance)
California State Real Estate License
Awards and Honors Highest Producing Agent 2004, 2005, 2006
Question I have a rental property in Spokane, Washington that doesnt cash-flow.....am paying an additional $50 - $75 per month out of pocket. I have an impound account for PITI for the property but I also have to pay for a Property Management Company. My 30year fixed rate loan is 5.62% Its worth keeping the house since the balance on the loan is $95k but the value is $186k. The PMI has already been removed.
I really would like to get this property to cash-flow. I need an opinion on how to do that. Are there 40year loans out there or 50-due-in-30 loans that might help me...or ?
My credit score is 780+
Thank you,
Vic
Answer Hi Vic,
There are 40 year loans out there. Not too many, but there are some. Or, you can refinance into an Interest Only Loan. Since you have plenty of equity, there isn't much risk to doing that. That should save you enough money for the property to begin showing a positive cash flow. If your interested in paying the loan off, then don't do a Interest Only. Otherwise, those are pretty much your options.
