All Forum Posts by: Cory Carrigan

Thanks all for the reply's.  I'll try to add a little more info.

The rents are 950 and 775.  For a total of $1725.  Which I believe is in line with the neighborhood.  They are both only 1 bedroom units.  

Current Expenses:

Mortgage - $768 -- $75,000 for 10 years at 4.25%

Tax - $358 

Insurance - $122

Gas heat - $74

Water - $28

Sewer - $9

Registration Fee - $8

5% Vacancy - $86

5% Repairs - $86

5% Capex - $86

10% Prop Management - $172

Totals $1,797.  So I'm actually -$72 a month.  I could shop around for cheaper insurance.  Not much I can do about paying for the heat and water unless I separate the 2 units in the future.

I believe the property is worth around $100,000.  I could Refinance $60,000 to pay off the loan for $3,000 closing costs.  New payment would be $338.  $63,000 for 30 years at 5%.  New cash flow of +$358.

I did like the fact it would be paid off in less than 8 years but after finding Bigger Pockets a few weeks ago and running the numbers, the property isn't cash flowing like I thought it was.

I currently own a duplex with a family member holding the mortgage.  $75,000 over 10 years at 4.25%.  About 8 years and $60,000 left to payoff.  I was thinking of refinancing with a local bank for $60,000 over 30 years at 5%.  The reason is there is almost no cash flow currently but with a 30 year mortgage I'd have a cash flow of nearly $400 a month.  Am I crazy or does that make sense?  I eventually want to have enough cash flow to replace my regular income.

Hello all.  I just joined a few weeks ago and I am finding a lot of good information on the site.  Currently trying to catch up on the podcasts.  

I currently own a duplex in Phillipsburg NJ and will be looking to add more properties in either Warren county, Easton, Nazareth, Bethlehem, or Northampton County areas.  

Do you guys think its worth it to upgrade to PRO?  I am thinking I will try to soak up as much of the free content I can for a few months and then go PRO.