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23 December 2024 | 7 replies
i.e. longer than normal vacancy, bad tenant screening, poor maintenance, skipped rent payments, etc.There could be a handful of reasons why it lost it's ability to cash flow.
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20 December 2024 | 12 replies
It's still early but we're expecting tenants to use the service for 9-18 months, and about 45% to also order the extra reporting of their previous rent payments which costs ~$20-25.
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23 December 2024 | 7 replies
This could increase interest rate and or down payment.2.
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22 December 2024 | 8 replies
Deduct NEW property taxes after you buyDeduct home insurance costsDeduct maintenance percentage, typically 10%Deduct vacancy+tenant nonperformance percentage(we recommend 5% for Class A, 10% Class B, 20% Class C, good luck with Class D)Deduct whatever dollar/percentage of cashflow you wantNow, what you have left over is the amount for debt service.Enter it into a mortgage calculator, with current interest rate for an investment property, to determine your maximum mortgage amount.Divide the mortgage amount by either 75% or 80%, depending on the required down payment percentage - this is your tentative price to offer.If the property needs repairs, you'll want to deduct 110%-120% of the estimated repairs from this amount.Be sure to also research the ARV and make sure it's 10-20% higher than your tentative purchase price.As long as the ARV checks out, this is the purchase price to offer.It is probably significantly below the asking price.
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20 December 2024 | 6 replies
Quote from @Efrain Flores: Quote from @Tim Delaney: Based on rent of $1500-1600 and mortgage payment of $1700-1800 which doesn’t even include maintenance, management or capex it doesn’t seem to make any sense to keep it as a rental.
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19 December 2024 | 22 replies
Realtors listing is a great way to market it, Facebook is also an underutilized method.
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19 December 2024 | 50 replies
So, some food for thought.Trusts seem to be the preferred method of liability and asset protection among the wealthy.
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23 December 2024 | 12 replies
This has to do mainly with the timing of property tax payments for your own home (not for your investment properties) and your charitable donations.
19 December 2024 | 6 replies
A HELOC could help temporarily if you plan to payoff the balance quickly and are planning to save on monthly payments in the short term.
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20 December 2024 | 9 replies
I would keep the property and eventually refi to help get your payment down lower.