All Forum Posts by: James Roux

Originally posted by @Jonathan Greene:

If you were in a multi or in an area where appreciation was guaranteed, you might have a better keep-to-rent option, but I don't see it with these numbers. The property won't do well enough to make it worth keeping. Sell it. Clermont isn't going to be consistent enough to hang onto it.

So what would you recommend doing for my next purchase should we downgrade and get something cheaper in Orlando with the hopes of renting into the future? Plus would be we pull some decently equity out of the house if we sell 

Originally posted by @Tyler Gibson:

@James Roux what is your interest right now? It might makes sense to refi but only if you have 20% equity allowing you to drop the PMI. It also only makes sense if you plan to hold the home for the next 5-10 years. Otherwise you might look to sell. I am a realtor and inventory in and around Orlando is at a low. So it is still a sellers market. Feel free to send me a direct message if you would like to chat further.

 3.87 rate at the moment if I refinanced rate would be the same right now but I would be able to drop pmi I would plan on holding the rental for 5-10 years or more I want to build a portfolio of rentals all things willing

Good morning my question is, is it worth to rent out my current home yet and should I refinance to make it cash flow better for the long term? I’m looking to move about 30 minutes closer to my work which is in Orlando FL my primary home is in Clermont FL.

Current home purchased at $199800 in 2016 current remaining balance is $169k market rent is about 1600 from what I see online but seems like things are cooling off and rentals are staying on the market longer.

Payment is 1228 a month

Property taxes will be 2250 with homestead for next year I’m assuming it will be much higher after homestead is removed.

Hoa is 420 a year

Insurance is 1100 annual

PMI is $67 a month for about another 2 years

Also should I include when I’m running a rental calculator my initial closing costs or do most people exclude these if they’ve been living in it for awhile?

Cash flow based off intial purchase in 2016 is is about $120 a month

But if refinance and lower my payment at $169k

Cost about $3000 approximately

Cash flow 215

Doesn’t really seem worth it would take over 2 years to recoup costs

Any advice would be greatly appreciated thanks!

Good afternoon everyone is there anyone here that works with investors for the Jacksonville area? I’m looking to purchase my first property in north west Jackson seems like the prices are hard to beat. I don’t mind putting my own sweat equity in to rehab it to save some money. Any recommendations or advice would be great! Thanks!

Yeah waiting in pre qual letter the broker said I was approved but didn’t say for what it would be my second property

Yeah ac I believe was 2003 roof looks good but I bet it will need to go in the next ten years probably

Hey there jon yes I will self manage it and the numbers are as accurate as they can be I’m confident it’s hard to find anything over here that’s cheap enough that’s rent high enough 

Good evening everyone long time browser here on Bigger pockets finally ready to pull the trigger here. Just would like someone to look over my numbers on a property. Hopefully someone could correct me if I’m wrong with my numbers and let me know if this property is even worth it. I keep running the number on a different website and this is what I come up with. But when I do it on bigger pockets calculator I get  a way less desirable result.

Purchase price 158000

5% down=$7900

30 year fixed assuming 4.25% not sure exact figure here rough estimate

Rent $1300

Mortgage $738

Vacancy $65

Property taxes $158

Rental insurance $85

Maintenance $65

PMI $67

Cash Flow $122

NOI per year $855

Cap rate 6.5%

IRR 27%

Thanks too anyone who can advise much appreciated 

Good morning everyone I’ve been looking to buy my first property and it’s a destroyed shortsale house. Needs major repairs stucco all over the outside needs multiple areas repaired plus repair the whole house a roof , all interior walls gutted and replaced floors gutted and replaced house was not maintained at all. home value estimate is 50-60k it’s on a shortsale for 25k I feel like the bank is asking too much for the property what are the odds I could offer and get it accepted for 5-10k!”? Anyone with experience with shortsale a would be appreciated thanks.

Hello everyone I'm interested in some advice or strategies as far as purchasing a second property for myself. I just purchased my first home in May this year and looking to see how k could go about getting the financing for another propert without a lot of money down. I did a 5% down conventional loan on my first home. What would be my best options for a second property that would be a rental? Will I really just have to wait and save a 20% down payment to get started again?