All Forum Posts by: Drew Slew

Thanks for the reply Jonathan. 

no this was a previous calculation for primary. yes i understand condos as not the best but its what it is, limited budget. 

yes, property now is 170k worth. purchase price should be 20k below comps on this. 

taxes have increased a bit but thats it. 

Rent is high as this is close to NYC, so 1500 for a 1br is actually very low here. could probably squeeze more out of it for rent, but 1400-1500 is a realistic number.

original investment is 30k, so around 2-3years.

Hi All, 

Want to run through some basic numbers with more experienced people here, see if all is right. 

Generally i read the 1% rule, renting out something for more than 1% purchase price. 

6+% cap rate is good etc. 

I am looking for mortgaged calculations, see what numbers to run for an investment property. 

Let me know any feedback. THANKS

great thread, welcome to the new members. i have a condo in union city and also bought another one recently, now looking for 2-3br multifamilies. happy to connect with anyone knowing the area

i bought a condo around the swimming pool last summer and saw a lot of new developments pop up..know some great realtors too. imo its an nknown area and huge potential, so close to nyc work commute etc. 

i think i know that condo on palisade its around the swimming pool too. happy to connect

Guys thanks for all the answers, very helpful. True, i do not want to meddle in my current low 3.5% 30yr fixed mortgage as its ideal, real low monthly payments. The best idea will probably be to get a rental closeby and see if i can get over 6-7% ROI after I save a bit more.

@Jeff Dulla 

Thanks for the reply. No i have total 35k equity. I put 30k down last summer and by now probably 5k piled up. 

A 5% refinance is bad, as my current mortgage is only 3.5% i dont think theres anything lower. 5% vs 6.25% which my student loan is isnt too much of a difference to me, as my monthly payments are low on the student loan. BUT if there was a quick and simple way to bring that down to 3-4% interest, that would be worth it. 

Last questions. In the close to NYC, newark jersey city etc areas I believe i could get around 6-10% return with a condo/single family if all works out. 

So in essence you are saying dont do Home equity loan?

BTW im not considering HELOC i read that is not that good, more tricky

There has been a few threads on this topics, just wanted to gauge anyone's suggestions who had similar situation, or is an investor understanding HELOC/home equity.

- i have a 30k student loan at 6.25% interest, monthly around $500 payment.

- i have a 115k mortgage that i put 30k down in a 145k home, by now its 35k paid off total. interest is around 3.5%, 30yr fixed. This is a first mortgage, bought place last June, 2016. (not 1 year of full ownership yet, but prolly have 25% of home value by now)

- good credit, not much CC debt and no other debt, around 25k savings cash.

Options: 

- either pay down the student loan with a home equity loan around 3-4% if possible, take out 50k home equity loan, 30k for student loan and 20k id throw to my 25k cash and buy another rental

- leave everything as is and just take out 20k home equity loan to boost up cash and get another property around 200k for a rental investment

ANY IDEAS appreciated, and even happy to connect to tax CPA-s in New Jersey area.

OK, any ideas in areas at miami with this price point that are good to rent?

im interested in the newark, union city, jersey city areas as well. i think there are good rental investments

Would need any advice on my next real estate purchase / ideas after seeing this general scenario:

- make around 80-100k, live in NYC, put 3k saving/month away

- live in NJ, union city area so mainly looking at Newark, Jersey City, Union City for RENTAL investment property under 150k

- own a home in Union city, tenant mainly pays it off - 25% equity in it 

- have 30k student loan debt $500/m pay, 25k cash savings, 8-9k 0% credit card debt for 8 more months

- Looking for something below 150k so i can put 20-30k down quick, rent it for 1500/m+ $200-300/m minimum hard cash profit

This would be 2nd home, 1st investment property. 

Main idea is NYC area always desirable and can charge very high rent easy. Other markets (no experience though) Miami, Florida areas, maybe Arizon/Nevada etc.

This should be a general scenario that many people have, any ideas/advice appreciated!