All Forum Posts by: Artur A.
Artur A. has started 13 posts and replied 22 times.
Post: Please help me to run a numbers for a deal (loan, HOA, rent)
- Posts 22
- Votes 0
I'm planning to buy a property in the Bay Area (Danville, Concord, Richmond area). If something happens in my life and I would need to move out after some time.
I'm trying to calculate all numbers, that rent will cover monthly payments.
I used this mortgage calculator:
https://www.bankrate.com/calculators/mortgages/mortgage-calculator.aspx
Create a spreadsheet where I put all info (property tax, prop management fee, etc)
https://docs.google.com/spread...
Please correct me If I missed something. In the case of 20 years loan, monthly payments would be able to cover all expenses. What would you include as well?
Thanks in advance
1| Downpayment | 48000 | ||
| Loan | 192000 | ||
| Condo (2 bath, 1 bedroom) | 240000 | ||
| Monthly payment | Loan amount | Principal and Interest | |
| Rent per month | 2300 | ||
| Property management (Comission 8%, Vacancy rate 8%) | 184 | ||
| 20 years loan - Monthly Payment (HOA, Prop Tax, Interest) | 1809 | 240000 | 267120 |
| 15 years loan - Monthly Payment (HOA, Prop Tax, Interest) | 2068 | 240000 | 202320 |
| Property tax (Concord - 0.871%) | 174.2 | ||
| Insurance (Lemonade) | 25 | ||
| HOA fees | 500 | ||
| Principal and Interest (15 years) | 1124 | ||
| Principal and Interest (20 years) | 1113 |
Post: Bay Area - Referrals: Real estate agent, Property management
- Posts 22
- Votes 0
Hi Guys,
Could you please share contacts of a real estate agent, property management company and home inspector
Much appreciated,
Thanks
Post: Can I pay off my loan ahead of schedule and cut interest?
- Posts 22
- Votes 0
Can I pay off my principal ahead of schedule - will bank cut the interest?
Post: Bigger downpayment - Less than 3.5% interest?
- Posts 22
- Votes 0
Will I get less interest in the mortgage (lesser than 3.5%) if I put bigger downpayment (30%-40% or 50% instead of 20%)? Or 3.5 is the lowest interest?
Post: Can I put my property in LLC if I have a business under it?
- Posts 22
- Votes 0
Originally posted by @Frank Geiger:
@Artur A. is that the location the property is too?
yes
Post: How much interest, prop taxes, insurance, HOA you can deduct(CA)?
- Posts 22
- Votes 0
If we buy a condo that costs 250K.
Can we deduct ALL mortgage interest(3.5%), property taxes ($2,439 per year), sales taxes (if you buy for cash), home insurance($1150 per year) and HOA($4860 per year) from salary 125K per year?
Post: Can I put my property in LLC if I have a business under it?
- Posts 22
- Votes 0
Originally posted by @Frank Geiger:
Since they are completely different businesses, they should be separated. You can have a bunch of LLCs. They aren't that much to register.
I live in CA - it costs more than 1K per year to file/maintain it
Post: Can I put my property in LLC if I have a business under it?
- Posts 22
- Votes 0
I am selling on Amazon, thinking about purchasing LLC. Can I put my property in LLC if I have a business or two under it?
Post: Home Loan for buying a out-of-state house
- Posts 22
- Votes 0
Thanks Chris
Post: Home Loan for buying a out-of-state house
- Posts 22
- Votes 0
Originally posted by @Chris Mason:
Originally posted by @Artur A.:
Hi guys, I'm pretty new here
I live and work in the Bay Area and planning to buy a house in the midwest (eventually move there). If it is Investment property loan - interest is 5.2%, home loan - 3.57% (50 k less total amount).
What are the requirements for getting a home loan - only that I have to live there for the first 6 weeks? Can I purchase a property without living there first 6 weeks?
Thank you
Artur
Generally, assuming normal things are going on, no one is going to believe that you will commute from the Bay Area to Nebraska 5 days a week for your 9-5. And even if they did, it would require mortgage fraud on your part to pull it off.
Owner occupancy requires that you live there for the first 12 months.
Is it only for Nebraska or for all states? I heard from the mortgage lender it requires to live there for the first 6 weeks