All Forum Posts by: Jason Ianacone

I have a former primary residence that I was never able to sell due to the market crash in 2008. Here is my current scenario:

Balance: 150,968

Type: FHA

Rate: 5.0%

Payments: $1,219.12

Maturity Date: 1/1/2040

Rent received: $1,150.00

Refi Terms

Balance: 160,800

Type: Conventional

Rate: 3.375% (3.153% points)

Payments: $954 (drops to 920 after 7 years due to MI)

Maturity Date: 30 years from closing

Rent received: $1,150.00

It is tempting because I could have positive cash flow finally, but I am adding 10 years onto my loan. However, it is a rental, so the whole point is to make money right? I have talked to the property manager and they don't think it will sell for profit. It would take some repairs/fixing up, loss of rental income, plus they are still building homes in the area for about the same cost. Any advice would be appreciated.

While I can't be of help to you directly, I am looking to start investing in long term rentals. Perhaps we could meet up sometime to see if we can help each other in that way?

I am looking at diving into diversifying my income. There is a 9 unit apartment complex that is coming open for purchase. It was built in 1900 and the owner is going to sell for $133,000. When fully rented, it makes $3,095/mo. There is also an empty lot included next door so I could build a shed or storage units there. I live in a small town so I will have to manage myself. What should I be looking into as far as amount of time being invested in this?