All Forum Posts by: Matthew Sichel

Hey,

Looking for alittle advice on my situation. Me and my fiance purchased a 2 family house last November using an FHA. Purchase price of the home was 699k and we put down 10%. Interest rate on the loan is 7.25. (We bought pretty much at the peak of rates). My lender called me this week saying FHA rates have plummeted and can lock me in at 5.6 if I refied. This was my intention all along however I was hoping to wait it out a bit thinking we'll see low 5s or high 4s very soon. I don't think I want to do this twice as closing costs seem like there going to be around 25-30k. Everything I've read says that anything over 1% difference on a refi makes it worth it. What would you guys do?

Also I made a considerable amount of updates to the houses (it’s two houses on one lot kinda property). There is a chance that it will appraise high enough to where I can refi to a conventional without any pmi. The only think is conventional would be low 6s right now according to my lender and we would have to see what works out better if that is the case.

Hey All, 

Over the last couple of years I purchased a few rental properties in the Cleveland area. Things were going good at first however now it seems like the issues just won’t stop. There’s constantly repairs being needed and the property’s are actually draining me at this point. Having a hard time convincing myself they are worth hanging onto as I’d rather re-allocate those funds to 1 nicer property or even the stock market then have 3 property’s that have turned into headaches. I know if I sell at this point I’d be lucky to break even on my purchase price for all 3. Any advice to someone relatively new to real estate investing going through a rough patch? 

Also if their are any realtors in the area that would be open to discussing listing them or anyone interested buying a package of 3 properties already all rented out with long term tenants in place paying market rent please let me know. 

Hey guys,

closing on a property in a few weeks that I can’t seem to have any luck finding insurance for. It’s two separate structures on one property. We plan on living in one and renting out the other. The issue is my lenders underwriters need it to be on one policy. Every insurance company I’ve tried said they need to insure each dwelling separately for it to be properly insured. Anyone have similar situations or know of an insurance agent/company that is licensed in NY that can maybe help? 

 Thanks for the reply! 

Unfortunately moving out NY is not an option as this is where my business is based out of along with my significant other working her dream job, there is almost no chance of leaving. 

When I referenced to my “business” I ment a totally separate source of income then then my properties. I own a Door repair company that nets me over 6+ Figures yearly. I have several years of tax returns with this income so I don’t see getting a loan as a problem?

cash flow from my rentals is around $300 a door after expenses. 

Currently I have around 25k I can use for a down payment on the next rental however that’s growing quickly as I’m entering my busy season. 

Hey All,

I’m hoping for some advice or guidance on my next move in the real estate world. I’ll give some background then state my current situation and see what you all think my next move should be. 

I’m 28 and just got my feet wet in the real estate world last year. I’m very new and have a ton to learn still. Last year I was fortunate to be able to purchase 3 SFHs in the the Cleveland area. All of which are cash flowing nicely. Two Properties were turn key and 1 I did a light rehab too. All 3 have some equity however nothing id consider using right now. 

I just left my full time W2 job to give my business 100% as that's how I was fortunate enough to save money to purchase 3 properties in a year in the first place. I'm getting to the point where I have enough cash on hand to start thinking about my next real estate purchase. I told my self this year I want a quality investment focused on long term appreciation rather than just looking at cash flow. I also was thinking about possibly getting into the STR rental market and trying an Airbnb. (Very interested in the Tampa area specifically for both a STR or long term rental)

To make things tougher I’m at a point in my life we’re me and my GF are looking to move in together.

Naturally you would think my next move should be to house hack a duplex however being from (Longisland,Ny) these are hard to come buy and when they do they are $650k plus for anything decent. I can’t help but feel spending this much on a home to live in puts me further away from financial freedom then closer. 

What would you guys do as a smart next move? Getting closer to financial freedom and setting myself up for a future retirement is at the forefront of my goals at this point.