All Forum Posts by: Max Cordova

A home that was purchased for $600,000 in 2006 is now worth $800,000 in 2020. 

The home is at a 6.5% interest rate and a mortgage of $3,900/month. Once refinanced it is estimated that the new mortgage will be $5,000/month.

Is it worth it to cash-out refinance at 75% to start investing in other properties to generate cash flow properties?

$800,000 * 75% = $600,000 to start investing.

Open to all feedback and strategies!

Thank you so much for all the replies!

@Alan Feldman good to know! I am doing that as we speak (Getting finances in order)

@Mark F. I never thought of that. I will look more into this but I don't think that is the case with this property.

@Tony Nardini This property is not a 4 Family. Good to know all these things before hand.

I am looking at a 2bd/2ba in Union City for $158k (1,078 sqft) =$147/sqft (two units)

Other properties in the area are selling for 300k-400k, which average around 300+/ sqft

It is a foreclosure and is sold as-is by the bank and remodeled in 2006.

Rent: $1200+ for a 1bd/1ba in the area of the property.

Anything else that I'm missing? 

I would love to hear any feedback, opinions, comments!

Looking to connect with others on BP in the central/north Jersey area.

If you haven't started yet or are already investing, I would love to connect.

 Good to know

that's the website they use https://btsinvestmentllc.com

This is what the person sent me:

Below are the loan terms and conditions.

While every loan is structured to meet individual and corporate borrowing needs, our general lending parameters include:

* Loan amounts ranging from $25,000 to $5,000,000.00

* Interest rates starts at 5.95% to 8% depending on the type of deal involved.* 6-month to 20-year repayment term. 

* Interest-only and amortizing payment structures.* Balloon payment is allowed 

* There is a service charge known as the loan origination cost which is needed for the loan processing and it depends on the loan amount.

* There are no prepayment penalties.

See attachment for our company's brochure and entity certificate for verification. 

References:

David Williams
REDACTED

Ray Lollis

REDACTED

Edward Thomas

REDACTED

I was okay..and with a simple google search, you can tell that it was a scam.

Global cities Documentary

What about now?

I have a family member trying to purchase a home for $276,000.

They want to put $100,000 for the down payment and the estimated rehab is around $50,000 (husband is a contractor, he can do all the work). They will also be doing an FHA Loan ($9660) and FHA 203K for this home.

They were told the mortgage would be around $2500/month and rent each unit around $1300/month (2 big units can be rented out for this price). Taxes are around 9-10k/year.

I crunched the numbers and figured out that the ROI is well below what a typical investor might consider profitable.

I'm I right on this one?

Here is the listing, below.

https://www.zillow.com/homedetails/1110-Myrtle-Ave-16-Plainfield-NJ-07063/40029058_zpid/