All Forum Posts by: Manan Shah

Hello,

I wanted to ask if anyone has reliable contractors for a rehab project in Dayton.

Thanks,

Manan

Hello,

I wanted to check if anyone had a good experience and recommend an inspector for a property I am looking at in Dayton?

Appreciate your help.

Thanks,

Manan

Thank you everyone for your guidance.

If I were to get a higher rate for the bigger property, how easy it it to refinance it down the line and what would it cost to refinance ?

Hello,

I am looking at 2 properties, one 2 unit property that I have put in an offer of about 120k that can generate positive cashflow of $600 per month and another which is a 6 unit property where I have put in an offer of 350k that can generate $2000 cashflow.

I have a bank ready to lend a mortgage at 7% for the 2 unit property. However, the bank indicated they cannot finance the 6-unit property and I would need a commercial loan for it.

Can you please let me know how commercial property mortgages differ for a residential property mortgages and if there would be a substantial difference in rates? Based on the information, would it make sense to move forward with the 2 unit property or a 6 unit one? It seems that the 2 unit generates only $600 monthly cashflow. However, I could add more smaller properties to build the cashflow.

Any guidance would be great.

Thank you.

Thank you everyone for your advice. Yes, my goals did change. The rental property used to be my primary home and, at that time, I was focusing on paying off my mortgage.

I have bought another primary home in NJ with a mortgage and have rented the prior house out. I am now looking to buy additional investment properties in and out of the state that can also generate positive cash flows, which I intend to reinvest in real estate. 

I have a heloc of 288k from my rental property. I think I might as well use the heloc to purchase positive cash flow investment properties and at some point sell my primary investment property to purchase a bigger multifamily home of sound 2 million. Maybe, it might just be best to live with the rates for now.

Thank you everyone for your replies.

Hello,

I have a rental property in NJ where majority of the mortgage is paid back and about $35K is pending on a $550K house. 

The problem I have is that I took a 7 year ARM at 3.5% interest which expired last year. The mortgage company increased the rates to 7%. I am paying about $909 a month which includes $63 towards the principal and $192 in interest while the rest go to escrow for taxes.

I feel the principal paydown is minimal at this time. What would you do if you were me? I hesitated refinancing during the covid times when rates were low as the amount left on the mortgage is not big and there would be cost to refinance. Can i look at other financing options that would be friendlier?

Thanks,

Manan

Thank you all for your guidance, appreciate it.

Hello,

I was looking at a property around DC which looked promising but there was a note about seller not being aware of existing ground rents and, if they were to exist, the seller would not redeem.

Would anyone provide guidance on what his is and what should I be aware of if I pursue this property?

Thanks,

Manan