All Forum Posts by: Paul W.

@Christy Mikesell

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Hi,

My question is how does a personal mortgage debt effect getting commercial loans;

Scenario, I’m thinking about selling my personal house and one rental to stockpile a significant amount of cash for future purchase if multi family, hopefully 20-30 units.

After the sale of the primary house, I could rent, not cheap where I live(Scottsdale) and not great for a conducive family life, just because ent is high and the property wouldn’t be that great.

2nd option is to buy another house, VA loan, and maintain my cash and have a lower monthly payment and have a nice house to live in.

When it comes time to buy the commercial property, will I regret buying the house now because it will drastically effect my debt ratio? Will the bank or lender base the commercial loan strictly on the cash I have in the bank.

Thanks

Are there any tax implications when you cash out refi on a rental? If your lender allows a 80% LTV, you just get a check after closing and no worries ? I'm curious if people do cash out re fi to their max LTV and then sell there place to avoid capital gains tax as much as possible and only pay on what's left over.

George your properties at Sunscape? The HOAs don't kill you?

Just curious what's the record here for the longest staying tenant in one of there doors ? Anybody had one that has almost paid off the mortgage by themselves ?

I have a rental that used to be my primary residence. When we moved we refinanced to a 30 year. 4.75, non primary residence loan. About 4 years later now I have 100k equity in the property and 140k left to pay. I pay an addition 150 a month on it so my payment is about 1050 a month. If I refinanced to a 15 year, my payment would not go up a whole lot and I would be saying a huge amount of money in interest and several more hundred dollars a months towards principal. My lender says it doesn't make sense and to just keep paying more on principal if I wanna pay it down. Well of course he does because he is still making more on the interest? Does this make sense ? Do lenders not want to refinance to a 15 so they can keep there higher interest payments ? And at what point do you just go to a different lender? If I went straight to a 15 I would be saving 50k plus in interest Thanks

Just looking at the numbers I'm having a hard time finding 3 bedroom condos renting for 1800-2000, that is for a 250k one. You might get that for a high end 400-500. For 1800-2000 you can get a nice 4 bedroom house. Although the SFR rental market is hot right now in that area, they aren't lasting long. South Scottdale is being flooded with new condos I don't expect the condo rental prices to go up. SFR is the way to go in that area just to have a property in this area. The McDowell corridor is getting nicer and prices just keep going up. Good luck.

I want to be sure I'm doing this correctly for a rental property in Gilbert Az Rent is 1450 a month / prorated for the date of move in. We have a $25 dollar application fee for each tenant over 18 for credit/background check Security deposit of 1450 a month which equals one month of rent, due on the date of move in. Earnest money /. How much would be appropriate to charge once the application is accepted. This would be to hold the property for them, the money could be given back or put towards the first months rent. If the applicant backs out this money is not refundable. Is there an appropriate way to figure this amount out? Maybe half of the rent Cleaning fee. The home is in perfect condition and professionally cleaned. Do you charge them a non refundable fee at the time of move in ? 150-250 for our property Any other advice is welcome Thank you

In general, I'm looking for advice for landlords who screen there own tenants. Some landlords are very thorough and do criminal history, in depth credit checks etc.. Etc... When you have an A property you want to invest a little time figuring out what kind of people you are putting into your investment. Open source checks are simple. What I mean by open source is looking for people on county public access site for civil/criminal records, social media websites and Google searches. Now have you ever found something that scares you about a perspective tenant about a lifestyle they live, use your imagination. Now with the fair housing act and all that how do you screen someone who is completely different than on there tenant application ? Open for discussion.....

I just looked at a property at 14308 Lakeshore Dr in Cleveland. It's a 17 unit brick building for 255k, with a cap rate of 24%. It looks nice from the few pictures. In the Phoenix area that would cost over a million and that's on the low end. Even if there is a 10 percent vacancy rate AND there is a significant CAPEX, your gone be making enormous cash flow with 20% down. I obviously don't know the local market there but I'm curious how these deals are even available and why local real estate investors aren't gobbling them up.