All Forum Posts by: John J.

I'm looking to refi a loan on my rental property. There are a lot of red flags but the numbers seem to be better. My goal is to hold the property for at least 10 years and I've had it for 7 already.

Here are the numbers
current 30 yr fixed 5.875 with 23 months to go
balance 75,392
payment is 487 117 principal 369 interest.
10 year remaining balance would be 56,555

New loan
30 yr fixed 3.99 int rate
starting balance of 83,000 (high due to points& closing costs wrapped in loan)
payment of 395 119 principal 276 interest
10 year balance of 51,554

The numbers aren't great but I would save $94 a month
and walk away with $5000 more in equity in 10 years.
My only upfront cost is $500.

Its thru quicken loans, am I being ripped off, I also found out my loan is eligible for harp 2.0 so should I continue my search? I've tried one other broker but he basically said it wasn't worth it. Any thoughts? Should I shop around more, my credit & ratios are all excellent.
Thanks

found shotgun shells, bullets, knives, 1/4 stick dynamite(stump blaster) and my favorite a tree climbing harness with leg spikes. This was all from one house.

try prosper.com. Its a peer to peer lending site

Whats the best way to hand in expenses for Real Estate to an accountant? The first year I brought in a shoebox of receipts :oops: , now I just make a list of numbers next to categories like this:
[i]advertising - $500
repairs - $1000
travel - $500[/i]

What are you guys doing out there? Excel Spreadsheets i figure mimicking a schedule E would be the neatest?
If so does anyone have any excel templates they can share?

Thanks in advance
Ron

I personally still rent my apt in NYC, but I own 2 rental properties. I am not sure if there is a "correct" route to take but I am happy with my plan and I guess its more of an individual decision. A primary residence in my area is very expensive and would probably cost me more than renting so for me it made sense.

they were transfered about 8 months ago and CW and Citi still hold them.

countrywide and citigroup picked up my AHM loans

This happened a while ago but this is what ended up happening. During the eviction period the women got in touch and said that she didn't want any of the possessions in the house which we got in writing. Then we just got some gloves and ripped out everything in the house and thew it out at the town dump and bleached the wall. The house was a complete wreck, every wall had gouges and holes, doors kicked in and appliances broken. Its hard for me to have sympathy, just because your poor doesn't mean you can trash the place especially when we were working with them.....big mistake.

Our broker wasn't too sure about disclosure to future renters. Our policy is dont ask dont tell.
live and learn

After some research it seems that in order to put together a street address with a parcel ID, I have to go in to the office and manually go through the books. This is cumbersome especially with 250 properties on the list. Some counties my have this info online. I am still wondering if these properties would be vacant or not. Also I would have to imagine that most of these properties won't have mortgages because the lender would have paid the taxes then foreclosed.

Hey Guys,
My Judical tax sale is coming up soon and was going to check it out and hopefully walk away with a piece of property. I have a few questions about researching the property and due diligence. First the county has a list identifying properties by tax/parcel id (i.e. 3d/22/3 sec f), How do I go about and find physical addresses for these? Also once I do find one can I just walk up to the house and look around or have an inspector come? Are the homes usually occupied?

any help would be appreciated
Ron