All Forum Posts by: Luca Mastrangelo

does anyone know what the appraised to assessed value ratio is for Plymouth MA?  From what I gathered on the town  website it sounded like it was what the town though the property would sell for.

Plymouth Property Values

Property I am interested in is listed at 345. Assessed/Fair Value is 318. Id aim for a sale price of 320. Lets say i put 10% down and take a loan for 288k. When I refi what would it need to assess at for me to eliminate PMI at that point? 360k? Im not sure If it will get that high in 2 years but 340-350 is a reasonable estimate. If i assess lower then I could just pay extra down at that point to make up the difference, 10k if it assessed at 350 in 2 years??

Sounds like what I am thinking is doable, just want to make sure were talking about the same thing.  

Im looking to buy a property in MA that I can live in for the next 2-5 years and then rent when Im done.  

Properties range from 300-400k.  I could put 20% down but will leave little to no room for improvements/work that needs to be done.

My questions is, can I put 5% down on a fannie loan, use my remaining cash to upgrade/rehab the property and refinance in 1-2 years for an increased value, ideally 20% higher and then eliminate PMI based on the new higher assessed value?

Any thoughts? TIA

I 

Mike. Good info. Thanks. I'm reporting the rental income. Last year (2014) returns had less rental income compared to this year's pending taxes because it was owner occupied until June of this year. Since June 2015 it has been fully rented and revenue approximately doubled. No losses taken. Ive done some upgrades and will write those against my rental income but net positive for the year.  

Does my owner occupied affect the situation? This home was purchased with a FHA loan then refied 3-4 years ago into a 15 year fixed and is where it's currently at

Mark you're correct. It's not a personal loan. It's a 15 year mortgage. I have 10 years left.  My girlfriends mortgage is a 30 year loan and has 25 years left on it. 

When you say say "amount of the loan's is not as important as the money you have available to pay off the loan's". Do you mean dollar amount or number of loans/mortgages?  Also what would be beneficial for available funds? I have capital in savings that would reduce the loan by half, but plan on using that for a down payment on my next purchase . 

Mike we are not joint owner on either. We each "own" our properties individually.  My 2 unit has a history of rental income, her 2 bedroom cape is where we currently reside and will be moving from and renting out.  

What should I be shopping for in new loans? Personal I assume since we will be living there at least initially.  Am I going to have a hard time doing that since I already have a personal loan on my 2 family unit?  Will I need to convert that to a commercial loan? I was assuming up to 4 personal loans ( 1 hers, 2 mine and 1 ours) wouldn't be an issue.  Is it??

Thanks for the info.  Let me know if you come up with any other thoughts.  

Hi all.  New to the forums here.  I currently own a 2 family unit in CT that is fully rented. Its got 10 years left on a 15 year mortgage.  Its a personal loan since it was owner occupied through 2014.  2015 was the first year that the property was fully rented.  My GF (soon to be fiance/wife) live together in her 2 bedroom cape. She has 25 years left on a 30 year loan.  

We are relocating to Cape Code and trying to figure out what our options are regarding purchasing more homes.  

I'd like to buy a cheap but not ideal house or condo with the intent of turning it into another rental property within a year.  We would then purchase another house that we would live in long term.  For the time being (since we are not married) you can assume that I would purchase the temporary house/condo and we would be married and then purchase the long term house together.  

I'd like to keep my current 2 family since Im entering the accelerated portion of the mortgage pay off terms and also keep her 2 bedroom cape since its in a desirable location and should be easy to rent.

What should we do?  How many mortgages are a concern?  Do I need to refi my current mortgage to  commercial loan?  What else should we be thinking about??

Thanks in advance 

-L

Hi All.  I purchased a 2 family home in 2010 and lived in and renovated over the last 4 years.  This year (2015) was the first year I had both units rented (vice owner occupied)  I moved in with my gf (soon to be fiance/wife).  We are relocating to Cape Cod and plan on renting her 2 bedroom cape.  Both properties (mine and hers) will rent easily long term.  Mines got 10 years left on a 15 year loan and hers as 25 on a 30. We're exploring options for our move and looking for advice.