All Forum Posts by: Walter Correia

Lynn M. Thomas S. thanks for your feedback. I'm my case I have to increase the rent. Our property taxes went up, snow removal went up, and we made additional changes to the house. Newer paint, carpets, flooring. Etc.

Does anyone know how to raise rent? Is there a specific guideline to follow? One of our tenants is coming up on a one year lease. This is our first rental and we want to know the best way to take this approach.

Nicholas Covington thanks for the feedback. That makes sense now that I'm looking at it. I would have to live in the VA loaned home in order to refinance. In my situation I will not follow through with it. Are there any banks out there who refinance on a cash out of over 80%LTV?

s it possible to refinance A VA loan to a conventional loan? I currently have one property under VA loan and another property under a FHA loan. I heard and read about a VA loan program that allows you to cash out refinance up to 100% of the homes value. I figured why not refinance The current VA loan to a conventional loan and cash out refinance the FHA to a VA loan since I have a lot of equity in it. But I'm now sure if this is is possible. Does anyone think this is a good idea? Or knows the pros and cons?

Andrew Johnson thanks for responding. I think the property is worth more than 380k. I've seen other property in the area go for higher and less based on condition and return rate.

Lets say i put the house on the market for 320k. The buyer needs to come up with 64k as the 20% down payment. The total expense at its highest would be 2400 per month 28,800 per year. Lets assume we use the trailing 12 which is 3,800 monthly or 45,600 per year. The yearly income with a vacancy rate of 5% is 15,960 yearly. The cash on cash return based on 64k would be 24.9% yearly return. I think any investor seeing this return rate would jump on it plus the condition of the house and many other circumstances. However, we would like to be less generous and raise the price of the house to maximize profits. At the same time when selling the house we need to make sure that the buyer is getting a decent return. What is the lowest return rate you think a buyer would be comfortable with?

My wife and I own a 3 family home in the town of Lancaster, Massachusetts. We got an appraised value last year in November of 320k while we were living in one of the units. We currently rent the 3 units for a total of 3,800 per month average expense is 2,550 including mortgage and taxes, water, heat, and snow removal. These expenses are averaged high to give us a better idea. Our cash flow is average 1,250 monthly,, yearly 15k. We purchased the house at 283,500 back in 2015. The roof is 10years old, boiler is 11 and works efficiently. The house has been renovated through out. Newer windows, carpet, hardwood floors and Laminate flooring, newer cabinets and appliances. Pretty much the house does not need anything to be done for year. It's a total of 2,100sqft with a finished lower level unit with 1,100sqft totaling 3,200 square feet. How much should would I be able to sell the house for? It's hard to find a multi family in the town.

David Dachtera fire department is aware of this issue. I got most of the clean up done. What's left over over is the rest of that oil that's 3.5 feet from what I already dug up.

Insurance company will not cover the oil spill as they said it was covered under my insurance policy. Same thing with the furnace. They were not able to find cause of loss even after the equipment was sent over to a 3rd party company. I may have to see a public adjuster about the furnace.

My wife and I recently purchased a single family home. During the home inspection the inspector noticed that the furnace was constantly leaking(dripping)water. He also notice a wet spot under the oil tank; he said the oil was leaking slowly somewhere but could not see the drip. These issues were addressed on the purchase and sale. The seller followed through and fix the issues. We called the oil company to make sure they serviced the equipment and they said they did. We did not notice those issues after the purchase. Within 3 days of closing the furnace died on us and stopped working. We also had a 50 gallon oil spill in our basement with in 35days days. The biggest problem we have right now is cleaning up the spill. The EPA is involved and a oil clean up agency is currently helping. We are looking at a costly clean up as of now. Are There any help We can get from the state of Massachusetts or the federal government to help clean this up.