All Forum Posts by: Juan Avalos

Originally posted by @Brian Ellwood:

That sounds really high to me, what is the breakdown on that? 

$2534 in closing 

$3798 in Other cost taxes, insurance and prorated interest 

and I still need to give $535 in appraisal fees

Hi everyone so I want to make sure I'm not taken advantage of - does $6300 in closing cost sound about right for a $36000 home ?  its in Detroit.

Closing - $6,296

Down Payment - $7200

House total after DP will be $28800

monthly payment $254

4.375%

I have excellent credit

* Home is rented out right now for $900

Thanks

@Howard Herrington Sorry I meant to say 2 Homes at $30K each.

Hey everyone! So I recently locked in a home loan of $60k .. in which i was going to use but the deal fell off. Now I still have my loan open and was wondering If I can use it to buy 3 homes of $30k each?  does it work that way or do I have to adjust some sort of deal with my lender?   

What's going on Bigger pocketeers! So let's be real! with all this chaos we all want to know! should we buy NOW or hold off a month or so when the market will really crumble!.. will it crumble? .. will a home with a sale price in Jan 2020 of $100k be available for $20k ? us small beginners wanna know! 

hi! I live in Winchester!  great area! it all depends on how much you renting for - rents here usually equal same amount as a mortgage.. a lot of retirees here, I think rentals are better in the actual Temecula area rather than Winchester .. good luck!

I live in California and have property in Detroit … my question is do I file taxes in Detroit solely for my properties?

@John Teachout No rehab - straight purchase with tenant in place. same deal with the other property I'm trying to get.

@Frank Geiger That's what I was thinking just recycle it.

What's up my BP family!! ok so here is my actual scenario - please let me know if I'm doing this right- - Bought a home cash ($25k) its now renting out for $750 a month - Refinancing at Conventional loan 30 years taking out 75% out ($18500) - new mortgage $110 - Buying another home at $25k ( of course putting in some money to complete the rest of the $25k) and in hopes of getting $700-$750 a month - is it common in paying closing to take out the 75% of the home value? - Is what I'm doing worth it and smart? im looking at possible $1500 monthly rents and only paying $110 in mortgage and $150 in PM - Insurance will be another $100 and taxes $100 a month. TOTAL $1500 coming in TOTAL $460 going out TOTAL investment - $25500k ( 25K first home, took out $18500 and $7000 extra put in for the second home) assuming second home will be $25500