All Forum Posts by: Andrew Caldieraro

Also, since this is a rental property, can’t I deduct all of this over the course of the loan? I believe I can deduct $200 per year for 30 years (total of the $6k closing costs)...

I have the option to refinance a 30-year fixed loan from 4.5% to 4.0%. The refinance cost is $6k. It’d save me $11k if I kept the loan a full 30-years. At this time, I have no idea if I’ll keep the loan that long. Suggestions?

Are most heloc’s interest only?

@Oleg Shalumov I’ve never taken a line of credit or used a heloc, so I don’t know anything about them. How much higher are the interest rates, usually?

@Bjorn Ahlblad

That’s definitely an option. With that said, I don’t think the 4.0% interest rate will stay around long. If the rate even raised to 4.5%, that would increase the interest on the rate of the loan by ~$8500.

I bought a SFH outright for a rental property. Rent will be right around $1000/month. Appraisal value is $110k. I can get a 30-year fixed loan at 4.0% for up to $82,500 (not exceeding 75% LTV). With that said, closing costs will be close to $5k. I hate "using" $5k for a loan that I don't need but the rate and loan are good. And I could use that $82k to possibly buy another property (I don't have my eyes on any at the minute). What would YOU do?

@William Murden if the kind of flooring that I wanted was on sale for a particular color, that would help sway my decision. I don’t have a problem going with a few different brands/styles in different rooms. Sometimes you can get discounts for buying by the pallet.

Btw, the house in question is 3b, 2b and two levels. I’m wondering if the same flooring in the whole house might not look as good, but it’s hard to say.

Has anyone put the same flooring throughout a whole house or apartment? I'm changing out all of the flooring in a SFH. I'll likely be using a luxury vinyl (COREtec, etc) in every room. I've had several people tell me that the darker colors look better, but they constantly look dirty and dusty. While I'm still unsure on which design I'll go with, would putting the same color/design in every room be a deterrent to potential tenants?

@Grant Dennis

Have you asked her what price she needs to get for the house?

@Jill DeWit

I assume you offer a price range to the current owner, pending an inspection? It sounds like you put that price range on the mailer?