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12 December 2018 | 5 replies
Escrow payments normally include prepaid amounts for home owners insurance and property taxes.With that said - when you make a mortgage payment; the payments are normally record as suchMortgage Payable(principal) $100Mortgage Interest $100Escrow $100 Cash $300In this instance, mortgage payable decreases your liabilities.
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21 December 2018 | 7 replies
Note that the Mortgage Pay Down is accelerating and starts at $245 in your first payment.Here is a snap shot of the Mortgage Schedule, but closer to today's date:Note that in 1/1/2019, I calculated that you would increase the Mortgage Pay Down to $312 from the initial $245 where you started, on a per month basis.The end point of this mortgage will be that it will disappear in 2033.That means that, if you can rent out the apt now, you will receive a cash flow of $150 to $350, as you indicated.BUT, if you consider that you are making an additional $300 or so per month from your Mortgage Pay Down, then you will actually be making $450 to $750 per month.By the year 2033, that Mortgage Disappears and you will increase your cash flow by $545 since you will no longer need it pay the Mortgage.Now that we did this kind of analysis, if you did choose to sell and buy a new property, you were correct in the assumption that you will NOT get the same Interest rate.What is worse is that you will be paying 2 other additional closing costs, one as the Seller and the other as the Buyer.I would consider the following:1) Try to take out a HELOC for the remaining Equity2) Rent the Condo at some point where it makes sense for you3) With the HELOC, you can tap that resource when you are ready for a new InvestmentI have been doing something similar for the past 21 years, but mostly on the Investment end of it (for instance, Buy in an LLC, get a Line of Credit versus a HELOC).The above strategy also lets you keep the Condo which you are intimately familiar with it, so you know it's problems and it's pluses.
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3 March 2019 | 2 replies
For instance I'm planning on adding about 20 spaces to the park.
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7 June 2016 | 7 replies
My immediate issue is getting another extension and whether to pursue the seller bring cash to the closing table or to pursue a Sub-2 with the problems with that mentioned.
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22 December 2015 | 8 replies
We have 7 extensions on our system.
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3 June 2017 | 38 replies
For instance ---- I found a property for one of my buyers that he could acquire for 7% of ARV!!!!!!!
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13 December 2018 | 86 replies
I had already granted a 10 day extension and his loan has not been approved nor has he removed the loan contingency by the extended date.
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10 August 2016 | 9 replies
In both instances, I was an out of state buyer and settlement was done by mail.
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7 December 2015 | 22 replies
But make absolutely sure and look extensively into the DHCR.
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18 October 2018 | 2 replies
It seems advantageous to have 3 duplexes in some instances and in other instances like this it would be better to just have one policy.