All Forum Posts by: Sean Pedeflous

Is it an investment property or primary? It depends on what you are looking to accomplish. Is the goal to pay down this loan or cash out on the equity?

It's an investment. I live in my primary (HCOL area). With this being my first rental, I guess I don't totally have a clear clear plan. As of now, holding!

0 Votes

Fayetteville, Arkansas

Quote from @Bruce Woodruff:

You gotta do the math for your situation. Yes, most people say 1% is the number where it makes a differnce, but is it worth it for you? How much will it cost you to get the new loan?

My personal number is - it has to be at least 2%....but that's just me.....

Yes - always best to run the numbers. Definitely not doing it now, but learning what I need to know!

1 Vote

Fayetteville, Arkansas

Quote from @Elias Halvorson:

Sean, everything Pat said above. 1st you need to have a clear plan on what you’re going to do with the place. Secondly, 1% is a good target but just as Pat wrote above it does depend on the loan amount. On larger loan amounts saving .5-.75% might be a solid deal. I would also generally agree with Pat’s two years or less comment. I would qualify it with in today’s seemingly rate decreasing environment, I might look to trying to recoup costs in 12-18 months (or less)

Yes agreed. This is my first rental, so I am not 100% clear, but I plan on holding. No plans to do anything else. Eventually buy another one.

0 Votes

Fayetteville, Arkansas

Quote from @Patrick Roberts:

It varies by situation, but a couple decent benchmarks are if it improves your rate by 1% or more, or you recover the refi costs in two years or less. Some people refi when the rate improves by at least 0.5%, but this is also dependent on the loan size. Other factors to consider are what you plans are for the future (value add rehab, restructuring, selling the property soon, etc) and whether or not there are any events on your personal horizon that may impact your ability to refi later.

That makes sense! thanks!

0 Votes

Fayetteville, Arkansas

I'm sure this question has been asked a hundred times, but I recently purchased a duplex in May with a 7.125% rate. Now that it appears rates are coming down in the near(ish) future, what is a general rule of thumb on when to refinance? I currently cash flow $400 dollars a month. Wondering what people's thoughts are! Thanks!

0 Votes

Fayetteville, Arkansas

Thanks @Ryan Blackstone. I just PM'd you too. Where did you get the $1550 number from and why Aug 1... because of school starting? That would be a $145 dollar drop from what I just rented the first unit out last month?

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Quote from @Susan H.:

@Sean Pedeflous

Like Holly, I'm a self-managing landlord in Fayetteville. And as Greg said, we're in peak leasing season.

How does the rent on this unit compare to the first unit in quality and rent price? You mentioned you consider this unit to be "nicer." Why do you think so?

If you'd like to message me the address (or the link on Zillow for the available unit), I'd be happy to share some ideas with you. ~Susan

Hey Susan, the rent is the exact same. I just think the coloring is nicer, same exact layout and materials. This was my posting.... I actually ended up securing a lease on the third, but took a 2.5 month so I'm already concerned for next time ha. But would love to hear your thoughts.

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Quote from @Alecia Loveless:

@Sean Pedeflous I think psychologically $25 can be a big game changer. I tend to get more action and have more success if something is marketed at $775 instead of $800 or $1475 instead of $1500.

interesting!

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Hi Holly, Yes - insight from a local is great :) I was able to rent the first unit but this other one I haven't and it has been a while. Plus - everyone here says to lower the price even though I am getting a few applicants each week. Just for different reasons it hasn't stuck and as a first time owner - I'm getting ansty waisting money.

I am always on the NWA rentals FB group and commenting on every applicable post getting some interest there. I'll check out U ofA Parents. I'm on the official off campus UofA website too. I have only gotten a few requests from there.

Question for you: I would have though most students by now figured out housing, this is about the time they start looking? I have not had many student applicants which was alot of reason why I purchased there

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Interesting! Thanks! I'm using Zillow as the way to apply so I'm not totally sure where those leads are coming coming from becasue they all funnel through Zillow. Why a percentage and say not $25, $50 increments which is what most people I have seen recommend?

0 Votes

All Forum Posts by: Sean Pedeflous

Sean Pedeflous has started 4 posts and replied 19 times.

Post: When to Re-Finance - Is there a rule of thumb to follow?

Post: When to Re-Finance - Is there a rule of thumb to follow?

Post: When to Re-Finance - Is there a rule of thumb to follow?

Post: When to Re-Finance - Is there a rule of thumb to follow?

Post: When to Re-Finance - Is there a rule of thumb to follow?

Post: Should I lower rent if I am getting lots of interest but haven't been able to land?

Post: Should I lower rent if I am getting lots of interest but haven't been able to land?

Post: Should I lower rent if I am getting lots of interest but haven't been able to land?

Post: Should I lower rent if I am getting lots of interest but haven't been able to land?

Post: Should I lower rent if I am getting lots of interest but haven't been able to land?