All Forum Posts by: Mike D.

Is this place on Drummond ave?

I'm a Rutgers alumni. Loved it there. Tough place to invest with the prices and the taxes but a fun place to live. Where in Florida are you relocating to?

50% roi in 3 or 4 months(depending on when it closes). Awesome numbers. Good job.

What is your website?

isn't this the exact scenario you warned me against?

How much would it cost you to rent a comparable unit to both of your options? If rent is much cheaper you might be better off renting and investing the rest of your money. the condo is definitely not an investment and the multi sounds like a poor investment. Think about how quick you could save for an out of state investment if you weren't coming out of pocket $3,700 every month, not to mention the amount of capital you will have to tie up.

Also, look into pmi. I don't think it gets dropped anymore. You will have to refinance I believe.

I believe they want to see that you've been a sucessful landlord on two years worth of tax returns. Not that you've owned the house as a personal residence for two years.

I would start contacting banks to see about my options.

if you keep the first property, will you be approved for another loan? Will the bank will want to see that you can personally carry both since you don't have two years on your tax return?

This was for a purchase of $180,000:

Home inspection -$535

Appraisal fee - $435

Origination fee - $899

Homeowners insurance(first year) - $809

1st quarter property taxes -$1,163

Initial escrow deposit -$1,365

Title insurance - $532

Legal fees - $700

Government recording charges -$470

There were a bunch of other miscellaneous little charges, but these were the most substantial. All in all, my total closing costs were $7,922.63. This was through Wells Fargo. This should give you a starting point for research. I'd be interested to hear from experienced investors which areas I could do better on.

I'm new as well and I will run into the same issues you are talking about. I bought a duplex that needed substantial work. I'm currently fixing it up and will sell it in a couple years. It will be my seed money for future units. It will be slow in the beginning, but that is one way to address your concerns.