All Forum Posts by: Edgar Perez

Nick Jahnke Is there any such program for Kenosha Racine area that you've heard of?

Nick G. And yes I will be occupying one of the units

Nick G. That's great advice and info... I was lucky to take advantage of a program with my local credit union where my 10% down mortgage has no pmi and I didn't have to pay closing costs. I am interested in learning not about this 90/10/10

Hi BP it's been awhile, After a long 6 months I've finally closed on my first investment property a 4unit in Kenosha Wisconsin. As far as numbers I don't get a great deal and may have over payed a bit but it does meet the 2% rule and should cash flow fine. House was assessed about 105k purchase price 100k with 10% down loan at 90k. Now my plan is to cash out refinance as soon as I can and my question is should I apply some of my cash flow towards the monthly mortgage to build equity faster or should I bank the cash flow and keep making the minimum payments. Are there other strategies or advice for me to be able to refinance sooner rather than later?

Chris Adamski welcome to Wisconsin investing I am in Wisconsin as well located in Kenosha sending you the best

Steven D. So for easy numbers say a residential property is valued at 100k and that was purchase price and I put 10% down loan is at 90k. I would need to pay off about 10-15k before I could consider refinancing? (Obviously this example is very similar to a situation I am in)

Mark Weinmann how did you finance your property? I am in a similar situation just bought a 4plex going to live in one rent the other 3 and looking to refinance and repeat in a few years. I may have overpaid a bit. house was appraised at 105 purchase price 100k with a 10% down so my loan is 90k . Good thing is it does meet 2% rule for my area and should cash flow fine but I am looking for info as to when I can refinance.

Steven D. Typically what does the LTV need to be at before one could look at refinancing?

BP, I'll keep it short...Does anyone rent a property that uses a water well instead of city water? How do you manage that?

@Devin Deswert you bring up a very valid point; my plan is to try to refi out of the FHA for 2 main reasons. 1 get rid of the pmi and 2, and my real motivator for doing so, is to get out of the FHA loan for this house and use it for another property. This way I can then rent out the other side of the duplex and house hack another property.