All Forum Posts by: Brenden Sperl
Brenden Sperl has started 4 posts and replied 10 times.
Post: We bought our first duplex and are having trouble finding tenants.
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My business partner and I have had our property posted for two weeks now on facebook, Zillow, and apartments.com. We've had a few showings but nothing crazy. It's in one of the best locations in Minneapolis, so we expected it to be rented right away. We have good photos, and a price comparable to the comps around the area. Do you guys have any tips if it doesn't rent out in the next couple of weeks? Anything helps, thanks!
Post: Cash out Refinance 5.1% interest $78,000 in equity.
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@Bill B. Thanks for the advice. I've never done this before. It sounds ridiculous to me also but the interest rate is what made me question it.
Post: Cash out Refinance 5.1% interest $78,000 in equity.
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The loan amount will be 407k after the cash out. The appraisal came in at 500k and the current balance on the home is 300k.
Post: Cash out Refinance 5.1% interest $78,000 in equity.
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Hi, I recently got a quote for a cash out refi at a 5.1% rate which is better than my 6.625% that i currently have. After closing costs I’ll have $78,000 to re-invest. The downside is they want $30,000 in closing costs. Is this a good idea as it will lead into scaling my portfolio faster or is this too much to pay in closing costs?
Post: Home equity loan for $149,000 at a 9.8% rate
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@Patrick Roberts my fico is 734 and yes this would be a second loan on the equity in my primary residence. What would you recommend doing?
Post: Home equity loan for $149,000 at a 9.8% rate
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Okay. At what rate is it a good idea? It's going to be a lot harder to a scale without that equity.
Post: Home equity loan for $149,000 at a 9.8% rate
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Quote from @Patrick Michael:
I'm quite new at this myself but can I ask? Did you live in the initial property and what type of loan did you use ? I believe those are 2 significant factors.
Post: Home equity loan for $149,000 at a 9.8% rate
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I just received a quote for $149,000 of equity at a 9.8% rate in order to purchase another rental property. Is this a high rate? Does is still beat "not paying taxes on your equity by selling"? And is there more competitive rates with other companies that you guys may know of that I don't. Please reach out to me, thanks.
Post: Should I do a heloc to create a rental in my basement?
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@Greg Kasmer- I would live in the upstairs of the house and create 2 units downstairs. Hoping that each of them produce $1500 in rent, I’d like to get $3,000 total which would be enough to cover my mortgage.
Post: Should I do a heloc to create a rental in my basement?
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My monthly payment for my house with utilities is around $3000 because of interest rates. I could get around 50k through a heloc and renovate my basement into a two bedroom one bath apartment, hopefully getting $1500 a peice in rent to cover my mortgage. Is this a good idea? Or should I be looking for better deals that will cash flow more.