All Forum Posts by: Michael Orlando

Bump?

Thank you all!!!!

Thanks everyone...I hope to be able to give back in a helpful way on this website when I learn more; like you folks do. Sorry guys, Last inquiry on this topic:

I just pulled the exact numbers from my statement:
Principal $349.54
Interest $573.13
Tax and Insurance $598.38
HOA $260
TOTAL PER MONTH: $1,781.05
Rent: $1645 (agreed to a small rent raise)
Negative cash flow: $-136.05

So I don't have a problem keeping this long term in the hopes that....once paid off...I create an income stream for me in retirement but more importantly...one of my kids or even my wife....(if I go first lol)...or even my sister...benefit from this renting it out or even selling it...etc. Also, on my next contract I think I can raise the rent to $1700-$1725 as I just saw 2 of the same condo go for these rents. 

With that said....we have a two family that Is about $700 a month positive cash flow and another townhouse that is about $100 positive cash flow.....

Does taxes...write off...credits...etc... help lessen the monthly loss on my negative cash flow property? And can't I take the loss for the next year or so maybe and then refinance to get this place into a positive cash flow situation?

....with all of this new information....am I still unwise to keep it?

Bump?

Thanks Jake! Im considering that.....anyone else have other ideas or thoughts?

Thank you all very much! All this feedback is helpful. 

I made in error with the numbers....here are the correct ones. 

Purchase price: $335,000
Down Payment:$ 16,750
Loan Amount: $318,250.00
Conventional
Current Interest rate: 4.50000% -
Current Balance: $313,115.87

We are leaning towards doing what we can to get the PMI down; Great idea! Seems as though our reason to borrow money doesn't seem wise (other real estate investments). We do have a few rentals that we are the landlords for and maybe it would be smarter to try and get money out of those if possible as there is definitely some equity in one maybe two of the rentals that meet the 80% LTV.

Hello folks, 

My wife and I purchased a home a little over a year ago....we made significant updates to the home and we are wondering what our options are in terms of getting the house appraised (due to the upgrades) and then potentially doing a cash out refinance to get some money out of the new equity of the home (after appraisal?)....

Here are some details:

Purchase price: $318,250.00
Conventional
Current Interest rate: 4.50000% - 
Current Balance: $313,115.87

Upgrades:
1) Remodeled both full bathrooms
2) New vinyl flooring on main floor and top floor (1,200 square feet)
3) Painted the entire house and added baseboard throughout and crown molding in some rooms
4) Fully Finished entire basement and added a 1/2 bath to the basement (basement was previously inhabitable and unfinished) 
5) Added French drain and sump pump in the new basement 

Comps in my neighborhood are $360k - $390k.

Any thoughts? We appreciate it

Hello!

I was wondering what others might do in the following scenario as I have a rental property from the first condo I bought in 2010. It is in pretty good shape located in East Brunswick NJ.

2 bedroom 2 bathroom
Currently being rented out and they just renewed the lease until Oct of 2020.
Mortgage is $1500
HOA is $260
Rent received is $1625
So technically I lose about $150 a month and probably put $500 in repairs in to the place a year.

I owe $178,000 on the mortgage with 26 years left on the mortgage (I bought in 2010 and refinanced in 2014). A few comparables in the area just sold for $190,000 - $205,000.

I am patient and would like this to be a med-long term investment....

any thoughts would be appreciated...

Thanks 

Michael 

Hello,

I have a mortgage in my name and have tenants in that condo, where I collect rent. I currently live in a home that does not have my name on the mortgage. I am looking to free up my debt from the mortgage where my tenants are to possibly buy and/or cosign a home for my sister. She has a mortgage in her name where tenants live and she currently lives in a place and pays rent. I am unsure she will qualify to borrow more due to the current mortgage.  With that said, I was wondering if I would be able to transfer my mortgage that is in my name, to my father, who does not have a mortgage in his name. Maybe this would free up my debt and since my salary is higher than my fathers, I can be leveraged to buy and or cosign for my sister, without that debt in may name anymore...

Thoughts?

Thanks,

Michael 

Hello,

Does anyone know if and how one would be able to borrow money from a home that is in an irrevocable trust. The home has about 100k available to borrow...parents live in the home...trust is in the parents, mine and my sisters name. Most banks I have spoken to said they won't let us borrow from a loan in and irrevocable trust. 

Thanks 

Michael