All Forum Posts by: Paul Scammacca

He guys I live in Jacksonville. Have 4 properties small guy.  If i can help let me know. P.

Property current mortgage 72,300 5/1 ARM 5.5 percent opened 2/1/20

Refinance: Around total 77,000 cc/fees/prepays payment near 545 30 year fixed

Current payment with adjusted tax will be about 640 per month on the 5/1 arm 

So i would save about 100 per month but lose a few years in making up costs........................thoughts??  Also, they ran a 15 year and it was about 730 per month, property rents for 1000 per month, not sure what to do. Thanks, P.

I would be looking to owe 130 finished on a arv of 155 to 160?  Too slim??

SFR cplus area working class

160k ARV price 108 plus all closing costs so 115k. Needs mild to moderate updating

I ask given the COVID situation/rental situation/etc.  Am I becoming gun shy as I will have to mortgage this amount with all of this looming? I have visions in my head of mass foreclosures in 6-12 months and values dropping along with folks not paying rent. Of course, the flip side, entry level homes are still desired???????Thughts??

Jody

I now have 4 properties but rely on pulling the equity to purchase next property. The equity is there in my last property closed a month ago.  Everyone so far defaults to Freddie/fanny guidelines 6 months.  

Trying to heloc/refi property just purchased but getting no where. Can’t find another property without these funds. Am I stuck for 6 months??? 

yes only reserves are 25k heloc............if purchase 4th house 

Hello all from Florida!!

I am asking for direction from more seasoned folks than myself. I would like to give a snapshot of my holdings so folks can give advice/thoughts:

Home 1: Rental MOBILE HOME Paid 60k older on 2 acres very close to me. Bad: 8.8% interest!! Good: Payment $650 per month rents for $975 Owe 46k Value 80k

Home 2: SFH Balance due 107K Jacksonville, Fl. Rate:4.375 Payment $900 month rents for $1150 Owe 107k Value 150k

Home 3: SFH Balance due 72k Lake City, Fl. Rate 5.5 5/1 ARM Payment 900 month rents for $1150 Value $110k

Possible Home 4: SFR would owe 60k Rate 5.5 5/1 ARM Payment $550 month rents for $950 month Good: House needs about 15k upgrade but current tennants. ARV 145K. Would have total into property without 15k upgrade 81K.

Overall bad: If I buy home 4 I will use 21k in HELOC from primary and only reserve is 25k left in HELOC

Yes aggressive but any thoughts?? Is this a bad idea/good idea? Did I just plant trees and have to wait now?   

Thank you for your time...............P.