All Forum Posts by: Matt Lorenzo

I bought a duplex in Cleveland, OH last August. It was 79k total. I put my 25% down and got a mortgage rate percent of 4.99%

I hear a lot of REI investors are doing mortgage refi because rates are so low right now. After contacting my lender they said they might be able to get me a rate of 3.9%. Once the numbers are crunched, I would end up lowering my current mortgage by about $35 per month. I was told it would cost me approximately $2500 for the refi to be conducted.

I plan to hold my property for the long term. Would putting up the $2500 for the refi be worth it for a $35 per month savings?  Thanks in advance

If I did take that rate and pay the $2500, I would save $420 per year and a total of $12,600 over the life of the 30 year loan, but it would take around 7 years to pay myself back the $2500. 

Thanks in advance!

First, thanks for stopping and helping me with this. Long story short; I am renting a 1bed, 1bath condo to a couple. They are up for lease renewal on August 15th. I offered them the same rate as they have now and said they needed to provide 30 days notice to me whether they want to renew. The woman (who's name is on the lease) just notified me that she is leaving but the male wants to stay and sign for 1 more year. She is asking if we can do an early evaluation and inspection of the unit before she moves out and if everything looks fine she is asking to us the security deposit (equal to 1 month's rent) as her last months rent. 

Has anyone done this before? Any thoughts? Thanks in advance 

Thanks all, I actually acquired the condo through a family member as a gift so the money to buy it was not my own. I do have to keep the condo and will not be able to sell at this point in time. Thats why I was looking to do a cash-out refi because it wasnt my personal $$$ that went into it  so I could use that $ and buy potentially 2 more houses.

I own a 1-bed 1-bath condo in Cleveland, Ohio that was purchased in full for $50,000. We had the kitchen completely remodeled and now the condo is about $60,000. There is 1 renter there who is paying $800 plus utilities. I pay the HOA cost every month which is $300, insurance $40, and taxes $60. So my net after taking all of this out is about $400 per month.

I'd like to put down-payments on a new property or two in the near future so I figured my best option to keep my velocity of money rolling was to do a cash-out refi on the condo. I started working with a mortgage company in Cleveland and I've been now told that they will only go up to 75% which would give me $45,000 to use for other down-payments. I'd imagine I'll pay around $5000 in closing costs for the refi as well.

The agent quoted me a rate of 5.125% which is about a payment $245 plus taxes and insurance so I'd end up paying the mortgage company about $350. I'd like to get peoples thoughts on whether this would be a good deal because Im spending most of my rent profit from the condo to pay for the cash-out loan.

I know David Greene talks alot about getting cash-out refinances but I guess I wasnt paying attention to if he talks about the fees and cost of paying the loans back.

  Thanks in advance for your help, and let me know if I need to give any more details.

I own a condo in the Rocky River area of Cleveland. It is completely paid off in full and I placed a tenant there three months ago. I'd like to get funds to purchase another rental property.

Can anyone suggest a reputable bank or credit union that would give a cash-out refinance on a condo that was worth $55,000 and tenant occupied. 

Also, what are your thoughts on proceeding with a cash-out refi instead of a HELOC or home equity loan?

Thanks in advance. 

I bought a duplex at the end of June 2019 and it went under supervision of a property management company I selected in Cleveland at the beginning of July. The property management company has not lived up to their end of our verbal agreement of filling both units within the span of 1 month. It has been 3 months now, and we just filled only 1 unit yesterday, and the tenant is someone I found through my own marketing of the property. Because the property management company's PR and advertisement misses several major rental outlets, I posted my own listings and have been forward all inquires to the PM, and from there many have gotten lost in the shuffle and have come back to me saying no one from the property management company ever followed up with them. 

Im pretty sure that not living in the immediate area plays a part in the response time and prioritizing clients rentals. Even when I asked one of the company's representatives what their average turnaround time for filling vacancies was, and he replied "on average, 2 weeks." Well, needless to say, it's been 3 months and I've done the bulk load of the work in trying to get tenants placed.

Does anyone have recommendations for a quality property manager or PM company in the Cleveland area? 

Thanks in advance. 

Hi all,

So, my situation is as follows. I currently own 1 condo, and recently purchased a duplex. Both properties are in Cleveland, Ohio. My condo is paid off in-full. It currently appraises for $63,000. I put 25% down on the duplex and currently have a mortgage of $57,000.

Would it make sense to get a home equity loan on the condo to pay off the mortgage on the duplex? Or, do you suggest I just continue to pay off the mortgage over the next 30 years with my regular monthly payments?

I plan to buy more properties in the future and could potentially take a home equity loan on the duplex. 

Thanks very much for your thoughts and input.

Hi all,

So, my situation is as follows. I currently own 1 condo, and recently purchased a duplex. Both properties are in Cleveland, Ohio.  My condo is paid off in-full. It currently appraises for $63,000.   I put 25% down on the duplex and currently have a mortgage of $57,000.

Would it make sense to get a home equity loan on the condo to pay off the mortgage on the duplex? Or, do you suggest I just continue to pay off the mortgage over the next 30 years with my regular monthly payments?

I plan to buy more properties in the future and could potentially take a home equity loan on the duplex. 

Thanks very much for your thoughts and input.

Matt

Whats the most effective(and free) way to advertise your rental property online? I have a 1 bed/1 bath condo in Cleveland I'd like to post and would like to get your thoughts on whats the best way to get it rented.

I thought I heard of a service(maybe Trulia?) that would cross post the listing across multiple websites for free. I cant recall though offhand.

Any and all help is greatly appreciated.

Thanks!

Hi all,

I am closing on a property in Cleveland, OH and I have hit a major roadblock. When trying to get insurance, I have been asked if the house has "knob and tube" wiring for the electrical system. The house is almost 100 years old and it does have some knob and tube wiring. When I tell the insurance company this, I am met a with a "Sorry, we dont insure that." Aside from paying to have the entire house re-wired, I dont see how to alleviate the issue.

Does anyone have any leads on a reputable insurance company who insures houses with knob and tube electrical systems?

If so, I'd REALLY appreciate the referral.

Thanks!

Matt