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All Forum Posts by: Todd Rumfola

Todd Rumfola has started 3 posts and replied 6 times.

Post: 1st Possible Deal Or Not? Need Advice

Todd RumfolaPosted
  • Involved In Real Estate
  • East Islip, NY
  • Posts 6
  • Votes 1

Steve...thanks thats what I thought. It looks a little scary especially when you factor in maint. and vacancies! Yes I have read the 50% / 2% rule but the problem here on Long Island is nothing cash flows, taxes alone are anywhere from $4k to $15k depending on the area.Heard good things about Pittsburg, might have to look there!

Post: 1st Possible Deal Or Not? Need Advice

Todd RumfolaPosted
  • Involved In Real Estate
  • East Islip, NY
  • Posts 6
  • Votes 1

Hi everyone...first I want to thank all the contributors to this forum, what a wealth of information. So here's the situation, basically another investor has a 2 family house that he owns and has been renting for the past 18yrs. We were trying to come up with a way to get me in the house with no money out of pocket. Here are the numbers:

Estimated Market value $289,000
Annual Taxes $4,489
Balance on 1st $51,931.43
Balance on 2nd $46,910.67
Total $98,842.10

The current market value is 289,000. The first and second mortgage is to be paid off with a new 15 year 200,000 first mortgage @ 5.5% (which I will be taking on)

We are splitting the equity by 50%. The remaining 89,000 in equity will be broken down in a second position loan @ 5% against the property to be paid out of the rents over time.(see amortization schedule).

Combined payments are 2,158 on the new first PITI and 351.90 on the new second total $2,509

Current rent is 1,000 downstairs and 1,500 upstairs.
Both mortgages will mature summer of 2026 at which time the house will be free and clear. That point we are left with 2 options. Sell and split or Buy out from 1 party to the other. Also he said he will set up llc where we are 50/50 partners and there will always be 6 months piti in escrow for vacancies,repairs,etc.

What do you guys think? This would be my first ever rental and I want to start off on the right foot.Basically no money out of pocket and hoping for appreciation, which I know you can never count on. Thanks in advance for you advice!

Post: Hello From Long Island, NY!

Todd RumfolaPosted
  • Involved In Real Estate
  • East Islip, NY
  • Posts 6
  • Votes 1

Thanks Audrey...yeah this site is great, so much info. It's like a good book I can't put it down!

Post: Hello From Long Island, NY!

Todd RumfolaPosted
  • Involved In Real Estate
  • East Islip, NY
  • Posts 6
  • Votes 1

Thank You everyone for such a warm welcome!

Ted...Thanks glad to be here!

Mehran...this site is awesome, nice to meet you!

Charles...Thanks I'm gonna check them all out!

Joshua...Congrats to you for providing such a valuable resource and where you from on Long Island?

Realtyman...Thanks for the info, 1st goal to get my license though.

Jackie...Great advice,that's what I've been told by a few agent friends.

Post: Hello From Long Island, NY!

Todd RumfolaPosted
  • Involved In Real Estate
  • East Islip, NY
  • Posts 6
  • Votes 1

Hi my name is Todd and I'm new to investing and to this incredible site. Wow what a great resource! I've been reading posts here for about a month and this is a one stop shop. All the information anyone would need if your just starting out or an expierenced investor. I do have a 9-5 job that is paying the bills and gives my family a comfortable life but I want more, alot more. I never liked working for someone else and being told what I'm worth so I'm finally taking control of my life and I have a 3 year plan to be J.O.B free! I've recentely joined my local REIA and will start taking the real estate classes in january towards my license. My plans are to start wholesaleing and build up some cash reserves to start buying and holding properties for the long term. I very excited about this new chapter in my life and I know it's gonna be tough at times, but I will never quit and will give it my all because I've got a lovely wife and 3 beautiful children that are counting on me! Thanks!

Post: Any Investors on Long Island?

Todd RumfolaPosted
  • Involved In Real Estate
  • East Islip, NY
  • Posts 6
  • Votes 1

Hi...My name is Todd and i'm new to investing and finally realized that my j.o.b. is never gonna get me my family financial freedom. Looking to meet and network with fellow Long Islanders who want more out of life. Very excited to get my first deal together, my wife says she'll believe it when she see's it, I'll show her :)