Jennifer Fernéz
Help with this deal!
18 January 2025 | 10 replies
@Jennifer Fernéz I run sum numbers for you with our tool, see comments and pics below before refinancing and post refinancing .Financial Breakdown: Purchase Price: $200,000 Mortgage (LTV 80%): $160,000 Interest Rate: 6% (30-Year Amortization) Mortgage Monthly Payment: $959Upfront Costs: Down Payment (20%): $40,000 Closing Costs (3.5%): $7,000 Renovation Costs: $15,000 1 Month of Carrying Costs During Renovation: $1,548Total Upfront Required: $63,548Year One Rent: Monthly Rent Income: $2,000 1 Month Rent Losses during renovations (-$2,000): -$167/month distributed over 12 months Total Rent Income: $22,000 per year => $ 1,833 per monthMonthly Expenses: Mortgage Payment: $959 Property Tax (Assuming $3,000/year): $250 per month Property Insurance (Assumption): $100 per month Utilities (Hydro, Gas, Water): $275 per month Assuming 5% Vacancy: $92 Assuming 0 % Repairs & Maintenance first year because unit has been recently renovated Total Monthly Expenses: $1,676Monthly Net Cash Flow: $157Post-Renovation Refinancing Strategy after 12 months:So far, we’ve purchased the property, completed renovations, and rented it out.Next, you can approach the bank for a refinance to consolidate a portion of your initial investment into a mortgage.
Pat O'Connor
San Diego Property Managers
22 January 2025 | 4 replies
You can also check their reviews online at Google, Facebook, or Yelp.
Robert Medina
Attempting to brrrr but having issues
15 January 2025 | 8 replies
It's highly doubtful, you prob won't find a fully refinanced deal on the MLS or through realtors.
Mark G.
What's Your Conversion Rate for Cold Calling Software-Generated Leads?
24 January 2025 | 12 replies
Just curious do you find that accessing county records online through the county clerk website works just as well as going in person?
Jordan Kaylor
Use HELOC to buy, then refinance into mortgage?
8 January 2025 | 16 replies
@Jordan Kaylor Using a HELOC to purchase a property and then refinancing into a conventional mortgage is technically considered a cash-out refinance.
M Amin
Asset Protection for Rental Properties
29 January 2025 | 1 reply
If you own several apartment buildings your best interest might be to speak with a asset protection attorney versus asking questions online of just anyone who might respond.Good Luck!
Andria Kobylinski
Boutique Hotel Investing - Financing
21 January 2025 | 15 replies
Instead of refinancing our portfolio, decided to sell our holdings that were out of state to capitalize on the stellar appreciation.
Fernando Martin-Gullans
Help me use my equity to scale my portfolio
10 January 2025 | 3 replies
Quote from @Fernando Martin-Gullans: Hey y’all, I’m a retail investor with 2 SFH rentals worth a combined ~$650k looking to utilize some of my stored equity to buy more out-of-state properties, but I’m not quite sure how best to proceed given that my interest rates are incredibly low (leaning me away from refinancing) and neither property is owner-occupied (which I believe prevents me from using a HELOC).
Kwanza P.
Advice for Finding Contractors (San Francisco)
25 January 2025 | 4 replies
You can also find various contracts online, develop your own then have an attorney review it to ensure it has teeth, and is legal in your area.7.
Andrew Slezak
Section 8 rent increase
28 January 2025 | 9 replies
This is the max that Sec8 will pay for any property and is the information that you can find online.