All Forum Posts by: Anthony Mikolich

Greetings.

I have a rental property in NY that is being managed by a pro and cash flowing nicely. At one time it was my primary residence and the mortgage is almost paid off. I'd like to pay off the mortgage and really enjoy the cashflow but would this trigger a spike in how the house is taxed?

Should I re-mortgage the property and buy another rental property here in Florida or can I just enjoy this extra cashflow without "the man" getting any more than the ample amount of property taxes I'm already paying?

Thank you all in advance!

Hey Sean!

Saw your post....I know its a couple of years old but I could be interested in partnering up. I'm in Dunedin, on the West Coast. I've been thinking of doing something in the middle of the state anyway. I'm really into buy and holds but I think a flip could be worth doing with someone else.

Im in the same boat as you regarding property. I have a house on Long Island that is cash flowing nicely.

Hit me up if you want to talk.

Tony

This thread is as good as "Overheard At Work" at Mister Money Moustashe

Hello All!

I am considering a duplex in my area with an asking price of 250K. Each unit can be rented for $900 a month generating about $500 a month in cash flow.

I use this formula for my calculations but I'm confused as to which figure to plug-in in one spot.......

Monthly rent x 12 months x .6 divided by cost.

Am I calculating the cost of the house [250k] or the up front cost to me of 60k [50K down and 10k for repairs]?????

So, is it.........1800 x 12 x .6 divided by 250k = 7% ROI

or................1800 x 12 x .6 divided by 60k = 21% ROI

I know which one I like better!

Thank you in advance

Hey All!

So if I'm renting a unit for $1100 a month should the tenants monthly income of at least $3300 be their gross or net monthly income?

Thank you John and Brad! Great advice.

Hi All!

Im looking to add my 2nd rental property. I found what seems to be a good deal except one of the bedrooms reeks of cigarettes. It is freshly painted and has a cheap, floating hard floor. It there a way to truly get rid of the smell? Or is this a deal breaker?

Thank in advance!

2 Door Tony

Hello All,

What is the general rule of thumb on refi costs? I'm going to refi my primary residence from a 30 to a 15. going from 4.85 to 2.85. Loan amount is 264k. The total costs are 10k, does this seem right?

Thank you in advance!

lol.....one was already offered 3500!

Thanks JD, I've been seeing the same thing. I responded to the summoms and applied to mediation on my own. I figured legal costs would definitely put me over the top so I'm going to see how far I can take this on my own without paying any legal fees.