All Forum Posts by: Account Closed

do you have any idea when the audio book will be ready. I missed the free audio book deadline, otherwise I'd pick this up right now

sorry about the weird wording. This phone auto corrects my words to ones that don't fit the context of my sentences

Hello Biggerpockets, I have a quick amortization payment. I recently refinanced my home and noticed that with every monthly payment I make and additional 99 cents goes towards the principal instead of the interest. Is this due to time or principal balance? In other words, if I gave an additional $10k right now would my interest payment still only drop by 99 cents in next month's bill?

Also my plan was to pay it off well under the 15 year deadline and collect rent on it for the rest of my life. Why isn't this a viable option? You guys kind of make it sound like a home has a short she'll life and you should always sell and find the next new deal. While I like the idea, I also like the idea of $950 monthly till the day I die.

These last few replies have really left me wondering. So just a little quick detail, vacancy is almost non existent in my area. Seriously the longest my house has gone vacant was about a week. It's a farm town and there are field workers who are always looking for a place to stay. The always pay the rent on time and take care of the place. Repairs are something I haven't come across yet, but who knows how long that will last. The home was built in 1999

My understanding is that payments went up due to taxes. I think Bank of America said something about an adjustment the first time it increased.

Can I still pull money out of the property without having to refinance again? That refinance cost me like $5k and pretty much took away the little dent I had made to my loan in the 5 years I owned it.

Hello Biggerpockets,

    I purchased a single family home 5 years ago for $80K. I financed it on a 30 year fixed rate loan. The rate was 5% and was financed as a owner occupied home. My monthly payment at first was $630, then jumped to $700, and finally settled at $740 before I refinanced it 2 months ago on a 15 year loan as a rental property (no longer owner occupied since I was worried about mortgage fraud) with a rate of 3.625%. My monthly payment right now is $794. The house currently appraises for about $150K. I've been renting the place out for $950 so it's paying for itself and leaving me a little extra as pocket change. I didn't pull any cash out when I refinanced and I kind of regret it because I want to invest in another property. So how did I do on my first deal? All criticism is not only welcome, it's actually encouraged.

Interesting response. Not exactly what I was looking for, but not a bad suggestion by any means. When it comes to selling let's just say I've been doing it since I was 5 years old. I almost have 25 years experience and I'm pretty damn good at it. The only downside to your suggestion is that I'm not too confident it would work in my town. If I still lived in Los Angeles it would be a no brainer. Glad I can add another option to my future investment

Interesting response. Not exactly what I was looking for, but not a bad suggestion by any means. When it comes to selling let's just say I've been doing it since I was 5 years old. I almost have 25 years experience and I'm pretty damn good at it. The only downside to your suggestion is that I'm not too confident it would work in my town. If I still lived in Los Angeles it would be a no brainer. Glad I can add another option to my future investment

Hello BiggerPockets,

I'm new, but I'm hoping to become a regular. Some quick background on me, I'm in my late 20's, single, work long hours, and am currently purchasing a single family home. I recently refinanced my property to a 15 year loan. I owe a little under $80k and it would probably sell for about $150k in todays market. I could maybe pay it off in 3 years and collect rent on it for the rest of my life. I'm currently renting it out for $950/month. However, due to the interest rate increase we are currently seeing I figure that some people with variable interest will let their houses go. It's an unfortunate situation, but also my chance to get a steal on a property. I've thought about buying really beat up houses and renovating them to rental properties, but like I mentioned earlier I workj long hours. If you are me and have $10k what do you do? Do you wait to save up more, or do you try to invest it? If so what options are there with $10k on hand?