All Forum Posts by: Matt M.

More money IS always better... agreed! But its at what expense, I was thinking. Sure I'll make more off 2 tenants over 1, but I was just curious if the added expenditures of the additional tenant might begin to make the additional cash flower seem less worthwhile.

I will be managing my own du/tri plex for now... that will be a piece of cake. My next property, depending how big it is, I *might* need to employ others to help out.

Love you guys, thanks a ton! This is some amazing information. How is overpaid escrow credited back; into my escrow account? Personal check?

And whats basically what I thought it was for... but my lendor told me basically this:

A loan of $96.5k @ 3.25% based on 3000$ taxes, 800 for home oners insurance, 427$ principle, $100 pmi, and $315 for escrow for a total payment of $842/month.

with that being said, what you guys are saying is that if that property tax were only 2400$/year then my monthly payment would reflect that? IE $208/month instead of $315/month right?

I think the lightbulb has finally clicked.

Krishn: Dont have the mortgage yet, just trying to plan this all out before I take the dive. Thanks for the advice on what to write on the check though! I appreciate that.

Karen- Dont have one yet, like I said I'm trying to plan all this stuff out before I actually make my purchase. Super awesome advice though, I really appreciate how to break-down the payments.... I'm in love with this website and the people on it.

I know this is probably a terribly stupid question, but I was not pleased when I saw that escrow on a $96.5k loan was nearly the principle; like $3xx and change! Thats crazy!
So what exactly is escrow, and why do I have to pay it?

Jon- Interesting how that works... thanks for the breakdown of that. Its going to be a duplex/triplex that I live in, so if I could pay $200 and change a month extra to be done in 11 years, I'd be willing to believe I can make that happen.

Karen- How do you send advance principal payments while avoiding the interest charge?

John- My first property will be a duplex/tripex with the main goal of paying my mortgage, allowing my to save money for my next pure investment property. The more money I make the better.... but main goal is to let me live comfortably in my own house while I save up.

My future goals are to buy more investment-only properties.

Is it wiser to ride out the 30 years... or should I double-pay and be ready to make more profits in the 15years?

So basically heres my question. $70k duplex, with the cost of mortgage I'll make just a pinch over the requirements and put a few bucks into my pockets.

Vs

triplex, around $80-85k, and a few bucks *more* into my pockets. Is it worth the added costs/repairs of the triplex over the duplex for the few hundred more/month I'll be making?

Chris... love it. Thats a fantastic system that you have down....