All Forum Posts by: Jacob Souers

@Scott M.

Thank you for all the great information!

@Scott M.

Thank you for all the great information!

@Scott M. Thank you for the reply. What is a reasonable cost based on your experience?

Going to start renting out a 2300sqft house in New Orleans. How do I find someone to take professional photos of the house and how much is it going to cost?

@Mike Wood

This house is still our primary residence until may of 2022. I got a quote for a cash out refinance at 2.5% for 5600 in closing cost for a 30year fixed. My company that is relocating me is giving me 7% of the estimate value ~30k after taxes for moving cost. Note this benefit is only for closing cost. If I can get out 55k with the cash out refinance, I would only have ~25k of my original money in the deal. Base on loan pay off and 1% appreciation (very low based on historical) my roi would be 50% and I would have a 580k asset in my name.

It’s just hard to give that up. It’s in lakeshore and I really think the area is going up in value.

@Bill Brandt

Is there value in just keeping it because you already have the asset? I don’t want to pay 6% on closing. I don’t need the money, I would end up reinvesting it in rental property. My investment is going to be in the same general area New Orleans or south Mississippi on the coast.

I have a house in New Orleans that I’m trying to determine if I should sell or rent. I have bought and sold a few personal houses but I have never rented out a property. Needless to say, I’m interested in have multiple rentals

Numbers:

purchased it for 530k in 2018

Currently worth 580k

I owe 390k

I could rent it for 3500k

Interest rate on the house is 2.75% fixed for 30years

Mortgage with escrow is 2700 per month

Should I rent it or sell? If I rent it, I’m going to cash out refinance the max.

I’m in the market for a multifamily 2-4 unit that I can house hack in Houston. Any recommendations on the area would be great. I just moved from out of town.