All Forum Posts by: Tyrell Rutledge

my insurance guy tells Me to use 1$ per sqft when I'm running my numbers btw. And 1% on the sale price is pretty close for taxes in my experience.

@Breelon Bryant

I used a conventional loan on my most recent brrrr deal here. Which essentially cut off 4 k from my bottom line. But it allowed me to get into a deal i other wise would not have been able to. Also I had to work out some creative stuff like finishing the flooring before the appraiser visited in order to qualify for a loan initally. Ideally I would buy with cash initially and refinance after my waiting period. (6 months for my lender)

Here is an example in a recent deal i just finished cash out refi on. With rounded numbers

Original purchase 80000. 15% down plus a 10k rehab that i did myself. About 30k total out of pocket. My paymemts at that point were 675 and it rented for 1300.

After 9 months I refinanced cash out. The house appraised for 133000. Bank refi gives 75% of that. I got all my 30k investment back plus about 2k extra.new payments are 800 month house still renting for 1300. I think if a recession hits hard rents could go down a as 900 At the lowest. The only reason for my strategy to not cash out is if I could forsee a major recession putting you in the negative on your rents.

Ty.

That's great Jim! I have a retired friend with 15 sfrs q couple duplexes but she says her storage units are the best property she owns.

cash out refinance had a fee of about 4000$ with the last bank I talked to on the subject.

This is a good spot to pose this question. I have the option of brrring a deal leaving in 0 cash and will end up with 100$ per month after expenses or should I leave in 31,000$ and take over 400$ per month over a 20 year term.. hmmm. B class neighborhood, good schools, etc.

I want to shout out to old republic title for taking the time to read this forum post I emailed them the link and they got right back to me. With this.

Okay

How our fees are usually broken down for a cash sale:

Fees Buyer Charges Seller Charges

Abstract $550

Closing Fee $150 $150

Title Exam $200

Final Title Report $125

Title Serv. Fee $75 $75

Title Insurance $456 (based on $84,000 Sales price)

MIC(drawing) $120

Filing $13 (county fee)

Elec. Filing Fee $5 (county Fee)

Doc Stamps $126.00 (county fee tax on sales price)

Then the county property taxes are prorated for 2019.

So the seller would give you credit for their portion and then the buyer would be responsible for the whole bill at the end of the year when taxes are due.

 Jimmy I was thinking what ifs earlier thinking about doing the quit deed and trying to handle routing 75k to pay off their mortgage it was stressing me out. This is a very good point.

 @Victor S. You are the man. I appreciate your interest. I emailed my contact at my the old dominion abstract as they seem the most customer friendly over the phone so far and are the closest to all interested parties.

I just got a 1997$ quote from okc abstract. I'm pretty sure it seems so high because I agreed to pay 100% of the closing costs.