All Forum Posts by: Antone King

This is great feed back seriously I thank all of you. So what's my next step on acquiring another ? Cash out refi? Say the home appreciates to 190 and I owe only 150. A refi would get me out of PMI and lower the payment by a couple hundred. So Is the idea to take 30-40k and put down on another property or leave the equity alone? Tone

Can you provide me with the formula you just used so I can have this for the future?

Tone

Understood. When I bought the place real estate investing was even a thought. I just wanted something turnkey; however, now I sort of regret that.

Tone

Well... then i need to change my outlook on SFH i guess. So the consensus i am getting is to never buy a SFH unless its your final home and only focus on multi family homes for investment properties or home near a university?

tone

Thanks for the great info. I'll focus on getting that PMI off. The numbers are sound 1137 mortgage is counting the pmi, taxes and insurance. We are managing it ourselves as it is close to where we moved to. Tenants are doing auto pay from their bank account so effortless on the collecting payments front. Hvac is new, and so is the kitchen and bath so as far as cap ex it's just the roof in the far future. Do you guys not consider a a couple hundred not alright cash flow? Especially once I refi it's going cash flow a couple hundred more once I get rid of the PMI. New to all this. Tone

Greetings. I see this question a lot and reading the discussions I am still unclear on what the best decision should be investment wise.

Here is the breakdown of the rental

• Purchased 3 years ago FHA for 164K
• Interest rate 4.25
• Mortgage 1137
• Amount left 153k
• Current Value 180k (judging based on a comparable that just sold in our neighborhood)

I also have a first time home buyer tax credit which is 35% of my interest per year that maxes out at 2k.

Rental specs

• 1350
• cash flow 213

Future cap ex

• new roof in 5 -6 years

Currently the 1137 payment includes a 176 in PMI so should I wait and attempt to refi to a 30 year conventional with the LTV at 80 percent? Or refinance to a streamline fha now to increase my cashflow by x? I guess another factor is how much would the out of pocket cost to do the origination.

I guess I should not be concerned about increasing my term being that the interest is being paid by the tenant anyway and leveraging that property to buy another that cash flows properly could compound paying it off faster then just purely trying to pay it off without the leveraged property. Is my logic sound?

Thanks for your help in advanced!

Thanks Jean and Dmitriy! I will research the forms some more...

Hello, new here as well! Transitioning from derivative trading and looking to build a nice rental portfolio for myself and future family! Does anyone recommend investing in rentals outside of their own state? I am from DE, but looking for cheaper areas...

Hello, new here as well! Transitioning from derivative trading and looking to build a nice rental portfolio for myself and future family! Does anyone recommend investing in rentals outside of their own state? I am from DE, but looking for cheaper areas...