All Forum Posts by: Mitchel Durfee

I contacted an agent in pa to pull comps and I am considering selling thanks!

@brant richardson

Thanks for the tips on the break down of expenses

Using your formula:

cash flow: rent is actually 595 minus known expenses (P&I , taxes, insurance $440) minus expected expenses (10% of rent for maintenance $60, 10% for vacancy 60, property management 70) .

595 -440 = 155

155 - 190 (60-60-70) = - $35

the only thing I would keep in mind is that the property is paying my principle down by 82.50 per month.

So would I be wrong to think that after all the factors it is still making 47.50 per month for the time being?

Firstly I am very grateful for your prompt response, I really hope to use these tools to help me accomplish my dreams in real estate.

The 75k property in pa was a 0% financing VA home loan. It makes 80$ a month after insurance and taxes. Plus principle pay down.

I Changed careers so even if I sold the PA house I wouldn't be able to get financing for another 2 years because of under writing. Is there a way that I can get into a new home if I sold my PA house?

Cash? 20k Credit score? 715 Debt to income ratio? I have 300k in mortgage loans 20k in car loans and I make 65k a year. The two houses I own, essentially break even.

My Credit score was 810 before I bought the Colorado house in may 2013 and Refinanced the PA house in october, and I bought a new car in December (for a new business) I also opened up 3 business credit cards. So my score has been hit pretty hard due to the amount of inquires I have had in the last 2 years. I did this on purpose to restructure. The banks aren't lending unless you have 2 years in the same career field so I took that as an opportunity to make all the adjustments now so that in 2 years when they finally decide to lend I'll be okay to go. I have 20k cash in hand and another VA home loan option.

Selling the property in pa has crossed my mind. The issue is that in order to sell the house in PA the city has passed a law saying you need to update the plumbing in the house before you can sell. at the cost of about $3000 to update.

I bought my first house in PA in 2008 for 75k and just refinanced it in October using a VA loan now it's rented for 523 a month and my mortgage is 437 I owe 65k on this property

In May I bought a 4 unit complex in Colorado and put down 60k on a 240k property that I have only been able to rent 3 out of the 4 units for the last year so it's paying the bills but not cash flowing a lot

When I got back from Afghanistan in June of last year I got my real estate license in Vermont because I wanted to learn how others were making deals...I'm beginning to think the money isn't in being an agent it's in having a team of agents? I'm about to have my first baby! So need to get my legacy cranked up

I changed careers so I can't get another loan until I have two years in the same career so I'm stuck renting...

I can't get financing because the houses are in different states... Any ideas on what I should be doing to get to the next level? Or buy more properties that can cash flow or break even

I want to buy another property what would you do?

What is the next step to buying another property?