All Forum Posts by: John Adamkewitz

OR, Tell them You'd love to have them! But They'd have to pay the full amount for Feb. It's Your policy. Then do leases and deposits immediately for Febuary.

It's a compromise. Maybe worth it this time of year. You have to decide.

You could also offer to leave utilitys in Your name untill they actually move in, for an added bonus if needed.

John

Hi Derek, the natural gas fireplace inserts look much better, maybe even luxurious. They are pretty much idiot proof as evidenced by installation in upscale hotel/resort rooms. Use timers. Could be a big attraction to potential renters and a one up on the competition. Of course You'd have to run the gas lines which is not really that bad anymore with the flexible gas pipe.

The fireplace chimneys should be separate thru the chase.

I read Your post and I thought that You should know what I know, and that is sooner or later some one WILL try to start the wood burning fireplace with gasoline, it's only a matter of time. So You're on the right track.

Good Luck, John

Summit CU in Wisconsin is offering a 10 yr ARM @4%, with 20% down. I talked with them on the 24th. Check the website. Probably only for Wi property. But, they can't be the only ones to have these terms.

Good luck. And to everyone ready to jump on Me. . . . Yes I'm also financing a 4-unit investment property.

John

Edit: I should also mention No points, with $2650 closing costs.

Hey Matt, I just went thru a mobile home to be moved and rented loan, for a 5 acre vacant parcel I own, and it was a pita. Lots of banks told Me if I wanted to buy one, I should take a look at Their inventory. :)

I ended up asking My real estate agent which banks were mobile home friendly, and She was right. I got the deal done.

I would also call a used mobile home dealer in Your area. Ask them: If I were to buy a home from you, who would you recommend for financing?

They are trying to move that product so they will know.

John

Thank You John, what I meant was having to risk equity in Your primary residence to get in the game, i.e. the heloc for 20% down. Maybe I just don't know how it's supposed to work when playing for Appreciation, or maybe when You're not an LLC it doesn't matter anyway. I'd be worried about Reserves.

Thanks for entertaining My education.

John

Hi John, the deal sounds pretty thin in the midwest. If I add the heloc 20% down from primary, I'm downright Scared.

Is this a California deal? I'm learning here.

John

Hey Ed,

20% down on investment property, new ARM products, amort @ 30yrs, 3yr-3%, 5 yr-3.5%, 10 yr-4%. All with $2625 in close, No points. The key words here are Credit Union. I'm actually still skeptical on the 20% down Myself, but it's what I've been told by the horse.

John

Your right.

I've been trying to stay with Quads and I just realized that I wouldn't pay double the price for double the rent. That would be $330k purchase for $3200 in rents, ouch.

You guys are making too much Sense! And that was worth the price of admission.

Thank You all for the grounding.

John

All Excellent points!

I should add some market info,

I could buy this house in a surrounding city (10-15mi) in the $125k-$145k range, with 20% higher taxes and lower rent demand. Or closer and a much older Maintenance nightmare.

At $150k this house will sell quickly, and vacancy will be less then 5%. I'm probably looking to hard. And I've been looking hard for 6 months.

I'm leaning on walking away. But I know the only other options for a renter looking for a 3 bedroom, are a few 3 bedrooms in large apartment buildings, at $1025 per month.

Sewer and water are paid by Tenant in this duplex. Not that it helps the numbers much.

Also it's accessed at $183k which is what most SFR's sell for around here. I could get taxes inline after sale.

I appreciate all the opinions, Thanks.

John