All Forum Posts by: Keith Rowel

@Drew Castleberry

I got some great info from local property management companies thanks for that tip. 

@Drew Castleberry

I really appreciate your time.

I think we may just refi on the conservative side and take the win on lower payments and higher cash flow.

I am not sure what the "other tax" is either but I will find out. I was being conservative with the rent, it will be closer to $1600+ considering it is one of the bigger remolded homes in the area.

I'm going to try out the Rental Property Calculater BP Provides to assist as well.

Thank again!

@Drew Castleberry

Thanks great feedback! I'm not sure about the tax increase yet but here is current information I can provide.

Current Loan Balance: 136K

Current Appraisal Est: 180K

Rental Est: $1400 -$1600

Current Monthly

P&I: 816.47, Home Insurance: $166, MIP Insurance: $63, County Tax: $78.45, Other Tax: $200.02, Shortage: $21.74, Lawn Care: $100.

If there is anything else that would help let me know.

Elizabeth,

Thank you for tha informartion I did not know it would require that much down.

Hello BPers,

So before I was saying I had good credit but no cash reserves so due to not giving up I believe I can get the cash reserves and also gain two rental properties. Tell me what you think about this situation. 

It's kind of a double whammy. So my soon to be wife has a home under her and her brothers name that is due for refinancing. We have to refinance regardless to remove her brother and add me so I was thinking we could do a cash out refi or Home equity loan to obtain cash reserves. There is about 30% equity based on the original purchase price not current market value which would put it closer to 40%. I just don't know if the cash out or equity loan would be based on current market value or what the home was purchased for.

 After this we would then starting looking for a new home leaving the existing home as a rental. Secondly her mother needs to move in with us and she has agreed to sell (for next to nothing) or gift her home to us and this would give us a second rental property at the same time. 

Any advice on this situation? I believe this will play out nicely but I would like to hear others opinions. 

Thanks in advance!

Brett,

I very much appreciate your reply. Please excuse me for the confusion we do have a mortgage but have about 30% equity in the home. Any plays there? 

I will definitly check out BP meet ups and REIA.

Thank you

Hello,

I have been doing research on real estate investing for a few weeks and would like to get going but I have the dilemma of very low cash reserves. I have great credit but I do not want to do a hard money loan. On the other hand my fiance and I currently own a home and gave thought to moving and renting.

Does anyone have advice on a way to get pre approved for an investment loan with great credit but low cash reserves or should I go the slow route by moving and renting until we save the cash reserves?