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26 November 2017 | 5 replies
Plan to move out and rent unit C in 1-2 years.Mortgage: $183,000down payment: $6,405Mortgage payment with insurance, and taxes: $1450property taxes: $3,060yrhome owners insurance: $1,740yrUnit A singe bedroom: $850 leased until 9/2018Unit B single bedroom: $800 leased until 6/2018Unit C three bedroom: currently leased at $1100 until 1/2018 but I will be moving into that unit.Landlord pays for heat in all units - seller said it is roughly $500 a month.tenants pay electric.Using the bigger pockets calculator I see that while I'm living there it should cover the mortgage / I may have to pay small amount.
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5 December 2017 | 27 replies
Failed to collect Property Insurance and Property Tax on my promissory Note now buyer refusing to pay $15,000 delinquency on mortgage that is $709 per month @ 4% with $93,000 balance now pending foreclosure.
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27 November 2017 | 23 replies
You are right about the issue with insurance.
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26 November 2017 | 3 replies
Sure, just have them sign a contractor agreement stating they have these things, insurance, etc.
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29 November 2017 | 7 replies
No lender will lend and no title insurer will insure a transaction in tax sale or following a tax sale unless the tax/lien is paid.IRS and state tax liens are another matter... so let us know what you've got.
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28 November 2017 | 6 replies
As far as the tenants, do they have renters insurance?
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3 December 2017 | 5 replies
We are currently rebuilding one property from a fire, so that kitchen is being covered by insurance, but it's been a good learning opportunity for us, and pricing on the same kitchen has ranged from $8,500 to $15,000 at a box store.We have two other properties that we are renovating and upgrading right now, both will require new kitchens and baths.
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31 December 2017 | 8 replies
@Syed NaqviMake sure they have liability insurance and a license.
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10 December 2017 | 7 replies
Have you factored in holding costs (insurance, utilities, taxes) and selling costs (commission, tax/deed fees, etc)?
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27 November 2017 | 5 replies
Here are my numbers:$62,500 mortgage $540/month for mortgage payment, taxes, and insurance ($6,480/yr)$675/rent ($7,425/yr at 90% occupancy)$80 cash flowMy overall goal is for retirement so I am happy with covering all expenses and not taking any money out for myself.