All Forum Posts by: Kelly Williams

Can anyone recommend a property management company in Denver? On the same note, can anyone tell me who to avoid? Thanks for any help in advance.

Bueller? Bueller?

I may be moving to Atlanta in July of next year. I want to turn my current home into a rental. Because I will not be selling my home I will not have much money for a down payment for a new home. I am wondering if I will qualify for an FHA loan. My current loan is not an fha. I am curious if I will qualify for an FHA loan. Will my current loan hurt my debt to income ratio? My current mortgage payment is 1150 and will be renting it for $2000. I want to buy as soon as I move so I will have no proof of rental income. My wife and I will also have new jobs (in the same field). Let me know what you thik. Thanks for any input you may have.

So I thought I would just bring my old thread up to ask another question. If I refinance this home as my primary residence, can I turn it into a rental in a year? I know there are stipulations with this. Thanks for any input.

Hi. I am curious if you buy and hold landlords put more money on your mortgage payments, or somewhere else. I am talking about cash flow. After all expenses, say a property is producing $400 monthly cash flow. The mortgage rate is 3.5%. Does it make more sense to put an extra $100 monthly towards payments, or to do something else with it?

OK. So I spoke with a broker. It looks like it would make sense to refinance if my house appraised at the right amount. Anyone have any ideas of how to get an idea of what it would appraise at? I have looked at zillow, but i know that is not very accurate. Im thinking more along the lines of speaking with an actual appraiser. What do you think?

Thanks for all of the feedback. This forum is such a great resource! So I am getting a bit mixed up. I was thinking that if I went to a new lender and my mortgage was 80% of the current value of the home, then I could refinance and get a new loan without mortgage insurance. I am no where near paying off 20% of the purchase price. Anyone have experience with this? I plan on talking with lenders tomorrow to get some answers. Thanks again.

Some of you may have read my previous post about turning my current home into a rental. It looks like refinancing my loan may be the best option to turn the property into a profitable rental by lowering my monthly payments. I have researched a bit and have a few questions. So, here is my situation.
My loan was for $209,000 at 4%. It is ably about 18 months old. It is an FHA loan. I currently owe about $200,000. Refinancing at a lower rate with a somewhat smaller loan would decrease my mortgage slightly, roughly $100. The home has drastically appreciated and could be appraised at $250000. My thoughts are that if I refinance, I could do away with my $200 PMI due to the fact that I could have 20% equity in the home now. My concern is that it could appraise less than $250000 and would defeat my purpose of refinancing. How far into the process is the appraisal? If it is the first step, as far as payments go, I would be willing to pay for it. I would hate to begin paying fees and have the house appraise for less. Also, is the lack of time I have put into my current mortgage a problem? Finally, how should I go about this process? Is there any way to keep the refinancing fees down like working with a bank as apposed to a broker or vice versa? Thanks for any input.

Grant P.
I didnt realize I could refinance the FHA loan. It looks as though I can. Thanks for all the input. Just what I was looking for. It looks like I could lower my monthly payments by about $300 with a lower rate and no PMI. That would be HUGE, especially if I could rent the place for more than what I was thinking. Thanks again.

Grant P.
Here is the break down.

Principal and interest: $1,000.42
Escrow payment: $407.76 (MIP roughly $200)
Total monthly payment: $1,408.18

The house is in Sunnyside, 2 blocks from LOHI. It is a 1600 square foot 3 bed 1 bath. The 3rd bedroom is non conventional but about 400 square feet. There is a small office as well. It has a one car garage and a backyard. Like I said in a previous post, it is completely updated as far as appliances, kitchen and bathroom, and has central AC as well.