All Forum Posts by: Todd Fithian

Hey @David Jackson Thanks for your response! Makes pretty good sense what you're saying and honestly that's kind of what I feel like Ill be dealing with as well. The Interest rate hike seems like its going to outweigh the PMI knock off. I heard that there are places that will do a HELOC on an investment property but you have to search around but I could be totally wrong. If you find a good way of using your equity let me know!

@Chris Mason  Thanks for responding! Here are the numbers:

Monthly Payment: $1,255.60

Principle balance: $177,466.11

Principle: $301.61

Interest Payment: $555.52

Escrow Payment: $398.47

Mortgage Insurance Payment: $125.36

Additional Principle I pay each month: (Roughly) $144.40, to make the monthly payment an even $1400.

I was given a rough appraisal of about $275K to $290k, and I know id need to meet the 75% LTV rule, so there's probably not as much Cash out equity available as I'm hoping for, but I figure Id see what my options are. Thanks again for any help!

Hey Chris Mason sorry to bug ya but I really value your opinion if you've got the time. If not I totally get it!

Hey BP, Ive got a duplex that has an interest rate of 3.75% that I do not live in and has grown in its equity over the past few years. It was purchased with an FHA loan and cash flows about $280 a month now that we no longer live there and have both units rented out. It still has PMI on it but I want to use the equity in the property to buy another property. The property is worth about $280k and I owe $178k. So my question for you is would you: A) Cash out refinance the property, shed the PMI, but have a higher interest rate -Or- B) Pull a HELOC out on the property and use that cash to fund another property, leaving the interest rate where it is on the mortgage, but also leaving the PMI on the property? I'm not sure how much I'd save per month on the PMI if I refi'd out, or if the higher interest rate would pretty much break the payment even without the PMI. Thanks so much for any help you great people can give!

A real estate investor buddy of mine told me about it.

Steven J. Well said!

Hey! I would ask myself so many more questions like "Why the hell are you slacking" or "Why aren't you doing more". It seems so generic but it's so true. I've been stuck in analysis paralysis so many times, and I've found that just jumping in feet first, the problems once you're in, are so much less "scary" than being on the outside wanting in

Adam D. Man as much as I'd like to read your post, I just can't due to your low number of posts.. jk jk sarcasm. No I really do agree with so many of these posts. The way i look at it is, if you really don't have much quality info to contribute, then why hear yourself talk. I've been on BP for over three years and lurk daily, every day, and only have under 200 posts. Why? Because why blurt out comments that won't do anyone good. I get when there's questions, or when there's a good conversation going, but as for just hoping to add to a conversation that you know little about, it's not very helpful. "When you talk you're only repeating what you already know, but when you listen you may learn something new" Good quote

Don't ever let any one talk down to you or make you feel insignificant just because you are young either. You've got about 1000% more drive than I had at age 14 and I applaud you for that. With that being said, absorb everything, make good connections, offer your assistance in anyway you can to mentors and investors without anything in return, save, learn, network, but never get discouraged because someone laughs at you or thinks you're too young. You never know, you might be that persons boss someday.

I miss this thread lol

Manolo D. A year later and I'm still sticking to the ganahl lumber post lol Highly recommend