Rate my setup for my latest purchase

[Larry Jones]

How’s it looking boys.

Quadruplex

Cost of 95,000 (going rate for turn key is 135k)

30%down is $28,000

Loan rate 5.375 loan amount: $66,500

Estimated Tax and insurance around 247 a month

Mortgage about 370

Rental income $1500 with room to raise to about 2k a month with no upgrades

These numbers are all before inspection and appraisal so hopefully I can knock down purchase price at least 5k with the inspection facts. It should have around 15k at the least in equity at the time of purchase.

I plan to pay down to 33k in one year and refinance to a 5 year ARM for the lowest interest rate if I can. All of the rental income will be saved for the next property and cap ex. I can pay down 33k fairy quickly with normal income as I receive VA benefits and make over 6 figures at work. Once I get the cost of operation lower I will be looking to make a second purchase, hopefully a 10+ unit.

Some would say buy a second property, maybe so? If my wife starts working again then for sure! Let me know your thoughts. Also I want cheap but good insurance , I know asking for cake and eating it, but who do you recommend? Are the local insurance companies any good from your experience or stick to bigger ones? I’m also a out of country investor.