*This link comes directly from our calculators, based on information input by the member who posted.
Variable expenses reflect my market and don't include utilities/water/sewage as tenant will pay those. House fully renovated with new appliances, plumbing, electric and impact windows. Roof done in 2015. Rents based off conservative side of rentometer numbers.
*This link comes directly from our calculators, based on information input by the member who posted.
Variable expenses reflect my market and don't include utilities/water/sewage as tenant will pay those. House fully renovated with new appliances, plumbing, electric and impact windows. Roof done in 2015. Rents based off conservative side of rentometer numbers.
Investment loans do require at least a 20% downpayment. Very conservative I would not bet but assume a 25% down given the current mortgage crunch.
I would question the rate also but if you have it at this price looks good.
Miami, FL · Member since 2017 · 12 posts · 8 votes
6y
@Guifre Mora Yes we have a lender who offers 3% conventional downpayment options since we will also be living in this property. The rate will vary slightly between 3.5 and 3.7 most likely as we've already been quoted as such but as you know the rates are going crazy day to day.
@Guifre Mora Yes we have a lender who offers 3% conventional downpayment options since we will also be living in this property. The rate will vary slightly between 3.5 and 3.7 most likely as we've already been quoted as such but as you know the rates are going crazy day to day.
Great that was my gut feeling on the 3%, now questions would be if the rental income be the same for only one unit?
*This link comes directly from our calculators, based on information input by the member who posted.
Variable expenses reflect my market and don't include utilities/water/sewage as tenant will pay those. House fully renovated with new appliances, plumbing, electric and impact windows. Roof done in 2015. Rents based off conservative side of rentometer numbers.
I think those numbers look good. Your monthly insurance looks a little high so if that is what you were quoted I would call around a bit. It could probably be lower (which only makes the deal even better) But even if that's what you pay not bad!
Miami, FL · Member since 2017 · 12 posts · 8 votes
6y
@Guifre Mora Well my analysis is based off of fully renting the whole property. For at least year we will house-hack and bring in about 2/5 the mortgage from the smaller unit and live in the larger. I'm planning for the future of this property since there's not really a calculator to tell if a house-hack is a good deal.
Miami, FL · Member since 2017 · 12 posts · 8 votes
6y
@David Nacco yea that would be great! I'm for now just going off the conservative estimate of a very BROAD ballpark from a friend who works in insurance.