All Forum Posts by: Ken Cooper

@Aaron Montague

Taxes are listed as $383

HOA is 315

I believe trash is included in the HOA as is insurance for the building, it is a condo. I will still need to get a policy to cover myself which I have not looked into yet.

Utilities will be put into the tenants name

There is onsite management which charges 10%

Rent is 1,200/m

It is a fully furnished 2/2, 985 sqft

You are right, the first question is is it worth it.

Thanks for your help,

Ken

@Shawn Thom

Good question. I did not know they could do that ( new to this) I will make sure to ask that question.

Thanks,

Ken

@Aaron montague

Mortgage is 2371 now

If I rented out the new property long term 500 cash flow a month more if I used it as a vacation rental.

I don't have the refi vs HELOC numbers information of me, but I will make sure to compare.

No, the payment would not go down, it would stay basically the same. My thought was that I would be able to write off the interest, which I cannot do with the PMI.

Thank you for giving me some more to think about.

Ken

I have found a property that I would like to purchase as an investment. To get the funds to purchase the property, I plan on taking equity out of my primary residence. I am trying to decide if it is better to refi with cash out, or to get a HELOC. If I refi, my interest rate would go up, but I could also get rid of the PMI on this property.

Any advice would be greatly appreciated.

Thanks,

Ken