All Forum Posts by: Mike Amedeo
Mike Amedeo has started 1 posts and replied 2 times.
Post: Multi-Family Property LLC name?
- New Orleans, LA
- Posts 3
- Votes 0
Im starting a new company with other investors involved.
We are brainstorming for company names. Buying mostly multi-family properties for buy and hold, rental.
Hoping some people on here can give ideas of good company names.
I.E. - I wish I would've named my company XYZ LLC, ect....
-Mike
Post: Two properities with mortgages...what should my next move be?
- New Orleans, LA
- Posts 3
- Votes 0
Im no expert, I read a lot of books about investing and only have one multi-family rental (4-plex)
From what I understand, leveraging is the way to go.
All things being equal, here is my break down:
My property was $240k = 25% down is $60k to buy it. With the interest rate at 5% my mortgage+ins+grass cutter = $1600, total rents is $3200. So I make $1600/mo cashflow.
I can pay mine off, mortgage is $180k balance, or I can buy 3 more (all things being equal)
so $60k x 3 = $180k to pay off first mortgage, giving me $3200/mo
or $60k x 3 more properties (all things equal) gives me $1600 x 3 cashflow = $4800/mo cashflow
that would give me $6400/mo cashflow instead of $3200/mo by leveraging with the bank's money.
Keep in mind, you have to keep reserves in case 5 AC units go out at the same time, ect...
Dont stretch yourself too thin. But that is my business plan. Also, you will have to start looking into different financing ect....
Hope that helps
-Mike