All Forum Posts by: Jimmy S.

When you buy a rental property, how much cashflow do you need to make it worth your time and what price range house do you look at?

What happened to lending post back in 2008? 

I never even looked at it like that.... That is a very good point. Also I can write off all the closing fees.  My gut feeling was to take the lower interest rate from the very beginning.  Still blows shelling out $4000 in bank fees for a cash out refi on a $75k mortgage. 

Thanks for everyones help

yes its a cashout refi which is why I guess its alot to close. + title work again ($1100) . Loan is only $75,000. Loan Origination fee is $900+ appraisal $500 and + points $1500 and some other minor fees. 

4.125 Cost is $4000

4.75 Cost is $ 2600

how did you calculate the 25% return on money?

Did the math and If I keep the property 4.8 years is the break even point. I should have it that long.....

THanks

I don't know. I keep going back and forth. Closing on 4.125 is total $4000 in bank fees vs the 4.75 which is $2600.

Would like to have the lower rate but sucks paying that much in bank fees although more money back is better upfront so I dont know..  $30 a month is $30 a month which does add up over the year.

Doing a cashout refi and not sure what to do. 

Would you take a interest rate of 4.125 and pay $1400 upfront in extra fees or take 4.75 and save the $1400.  Comes out to a $30 difference on a loan amount of $75,000. 30 year fixed rate.

Keep going back and forth but thinking that $1400 in my pocket is better way to go and more and pay $30 more a month....

Thanks
Nate

title charges, recording fees and other minor notary fees. 

Hello

Just wanted to see how everyone else does it? Do you have 1 rental bank account or 1 bank account for each property?

If you combined all the income and expenses in one account it would get really confusing.

I have 1 bank account for each property, I like to know how much I have invested in the property total, which includes my mortgage, cash and expenses and Lines of credit on each property.

Nate

Hello again 

One of my tenants moved out and really did alot of damage and was wondering where I should sent the certified letter of the itemized damages since they will not give me there current/new address. Should I just send it to the property address even though they are not there? 

Thanks
Nate

Yes I did have a lease with them LOL. It does state in the lease they will forfeit last month rent and security deposit if moving out early/ lease termination. They asked if I would be willing to let them out of the lease early and I could keep the last month rent and security with no hassle if I agreed to sign the lease termination paper and not make them ride out the 5 or 6 months left in the lease.