All Forum Posts by: Aaron Porter

Single Family Rental - original loan was $78k (had it 2 years at 5.875%)...Payment is only going up $40/per month. the loan will go to $112,500k (75% LTV). We get $1525/month for the property. Looks like we will end up with about $28k cashed out...

Can you tell me if this looks OK? It seems high with a rate of 3.375% including almost 1.5 points. Appraisal is $152K, and loan amount is at $112,500 (and it should be $121,600 for 80% LTV). Is this the best I could do?

@Alexander Wardell - thanks.  The property will rent at $1250/month conservatively + utilities.  My wife and I sold our house and moved into my in-laws so we could get this investment thing going.  No debt, renting at $900/mo, good credit, etc...worked in Cap-ex (5%), management (10%), 10% vacancy and repairs (5%)....still making $165/month though we will manage this at first so we are looking at a conservative $290/month.  

@Kevin Romines - All W-2 income, no bonuses, i've had continuous employment for 4 years, my wife for 10.  We do not have a mortgage but rent at $900/mo.  It is a purchase as an investment property, we will continue renting. 20% down for conventional loan.

I've contact Commonfund, Solvay Bank and Prime Lending...seems the best rate for a sfr investment is 6.1% with 760 credit score and $100k+ income, $100k+ in bank and we are renting for $900/month.

Is this the best I can get? The loan is conventional - financing $76,500.

My wife and I are moving from Syracuse, NY to the East Coast of Florida - Palm Coast Down to Melbourne. She takes her job with her and I will probably have to start from scratch as an "employee" for now. We will be selling our home and moving in the summer (FSBO).

We have been analyzing deals in the Daytona down to Melbourne areas with $50,000 to put toward our investment.   We are looking at multi's and I prefer the idea of a 4 family to maximize # of doors and minimize down payment.

2 QUESTIONS:  

1. Is it insane to think of Househacking with a family of 4 (kids are 13 y.o. and 8 y.o.)?  
2. Anyone out there who has switched from an employee to a REI in their 40's with kids that has done the househacking thing?