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16 September 2024 | 0 replies
Meanwhile, the U.S. needs 145,000-200,000 new jobs each month to keep up with population growth, spurred by increased immigration.ConclusionWhile job market momentum has slowed, it's not breaking.
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15 September 2024 | 19 replies
If you are going traditional you will see rate and closing cost breaks with 25% or 30% down. 20% down will be higher rates and fees.
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16 September 2024 | 5 replies
Buyers were buying at break-neck speed and overbidding on properties.
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16 September 2024 | 24 replies
I'd venture to guess that the break even point on that up front investment is going to be 2.5-3 years.
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15 September 2024 | 3 replies
A: Landlord has an obligation to provide clean water, suck it up and buy it.B: Hard water is bad for your plumbing, buy it hopefully to decrease future repairs.C: Water softeners, like under-sink disposals, ice makers, ceiling fans, love to break and cost you money.
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16 September 2024 | 5 replies
Back of the napkin, I think $130k would be break even.
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18 September 2024 | 15 replies
Below are some general notes on DSCR loans:* usually used for single family or 2-8 multi family unit properties (fits your scenario)* must be for investment, non owner occupied (if looking for a product for alternative qualifying solutions for owner occupied there are other products)* can close in a personal name or LLC* usually 80% LTV for a purchase (20% down payment) & usually 75-80% LTV for cash out refis* prepayment penalties vary and are optional, but the higher the prepayment penalty, the lower the rate / options typical range from no prepay all the way up to 5 year prepay and structures vary for how those penalties work (3 year is my most popular by far)* appraisal most likely required and paid out of pocket during transaction* can be used for long term, mid term, or short term rental properties * generally 1%+ is the desired DSCR ratio but you get better rates if the ratio is higher (usually rate breaks kick in at 1.15%+ or 1.25%+) and you can still get the loan done if ratio is lower than 1% but the rate will reflect that (DM me if you wand help learning how to calculate the ratio)* the average time to close is 21-30 days* fees vary lender to lender and product to product, but $1595 underwriting plus title fees is pretty standard* 700+ credit is preferred to get max LTV, but plenty of options if credit falls below that* a typical loan minimum is $75k (have limited options for $50k+) and typical loan maximum is $3-4m (have limited options for $4m+)* 3 months reserves usually required, having 6+ months will usually result in better loan terms, 0 reserves can still get the job done if you go with a program that allows you to use the cash flow as reserves* 30 year fixed, IO, and ARMS available
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15 September 2024 | 61 replies
Offer them one months free rent or offer them to allow them to break the lease and move out.
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15 September 2024 | 2 replies
Are these inconsistencies breaking the rules?
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16 September 2024 | 6 replies
As of today, you own a unit in a good location, it sounds like pretty much all major issues have been taken care, it's been updated, and you are above break even cash flow.