All Forum Posts by: Omeed O.

its a fannie mae loan that i got my quote on. i've gotten a few quotes and they've all been above 6%

This place was my bachelor pad I bought about 10 yrs ago and flipped it to a rental after I got married. 700 sqft 1bed 1 bath. Fully upgraded in high-end part of town.

HOA is $380....(all bills paid)

Tax $185

Insurance $22

I manage the tenant directly. Outside Maintenance is w the hoa.

And that leaves $200 for vacancy, repairs, capex...

 720 score 30yr fixed...I forgot to mention that's it's a condo he said that's a factor.

Im trying to set my self to buy my 2nd rental. But I can't get my numbers to work and justify the refi.

Current rental paid in cash no loan on it.

Purchased for 70k comps are $120k.

Rents for $1300 a month. Same tenant for 4 years. I haven't raised the rent on him, he's been great but I've given him notice that rent is going up 3% a year from now on.

HOA,tax, insurance $800 a month

So I net $500 a month

My broker offer me 75% about $95k at 6.2%

He said my DTI is high and want me to pay off outstanding debts with the refi. About 40k in car and medical.

Leaves me with $50k after closing. And $600 a month in payments. And I'll be negative $100 on the rental.

Then on top of that I'll only have 50k to play with in Houston tx.

Would you do the deal?

Sell the home?

Do nothing?

Do they loan in all states?

@Mike Dorneman thank you.  So a heloc on a 100K home will give me only $70K or so as i understand. so that limits me to homes in 40 to 50 ish range. which in houston means C/D properties or B/C condos,  if I want to pay cash.  Am i thinking correctly here?

 Thanks Ty. I went to my first investors meeting.  It seemed pyramid schemey. But I'll keep branching out

Thanks Mike, would you take out a HELOC on the condo,then also apply for a mortgage?

Hi team. My goal is to buy 10 rentals in 3 years.  I live in Houston and would like to keep everything in Houston. I've currently own 1 condo rental paid in full valus is 100K, I paid 70 for it about 5 years ago.  And my primary residence is valued at around $220 and I've paid about $40K on it. my income is around $100k, i have good credit.   So my question is what would you do to get financed in my situation?  for the next 2 units?

@Stanley Bronstein I don't think he wants to wait he's been kicking around the idea of putting up for sale in the general market for a while now.

@Joel Owens  Yes I know that's obviously the next step,  I think what I want advice about is what you think of the deal in general?  How would someone "buy" or transfer ownership of a property from a relative?