All Forum Posts by: Jim Chung

i tried to follow BRRR strategy but running into problem....purchase a condo 4 weeks ago with 40% down with mortgage $100K at 4.3% interest rate...i have good tenant with 2 years lease and make good cashflow..~$500/ month after expense and mortgage.

the bank stated i pretty much max out my debt/income ratio and not be able to further any loan. i currently have $50K cash on hand...what options do i have to do more real estate deal with BRRR strategy?

even though my rental condo make good cashflow and i have stable work job , bank does not seems to care for that and just look at the debt/income ratio..tried big and locaL bank without success. not qualified even for HELOC

PLEASE Help

As above,  40% down payment toward the house

LENDER ESTIMATION

Transfer tax of 2% of $162k: $3,240
Title insurance estimate: $1700
Lender fee estimate: $1420
Property taxes due at closing: $1400
Homeowners insurance due at closing: $1700
Recording fee: $474
Conveyancing: $495
Appraisal: $350
Inspections: $700
Smaller costs combined: $400

Total: approx $11,879 total closing costs out of pocke

newbie here, just  hoping to close first property.. the mortgage is 90K, but the lender are charging with everything including transfer 2% tax fee to almost 13%. is this normal closing out? the property is in phillies.  is there other option than spending $12,000 closing out for $90K mortgage. please help

i was reading that if you ve $100K, rather to paid in cash for one, it is good idea to put 20% down and get 5 properties...but the closing cost/ and all those loan fee, wouldnt it kill the cashflow?

what is the taxes?

what is taxes/ HOA?

please provide me more info

[email protected]

516-849-7248. text

hey luis, i did not received it. can you send to this email..  [email protected]. yahoo email is giving me some prob

thanks

yes allison, thank you. [email protected]

[email protected]

thanks

interested in the project. tell me more of this joint venture