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All Forum Posts by: Craig Jeppesen

Craig Jeppesen has started 1 posts and replied 526 times.

Post: Is a Mobile Home buy a good investment but the land is leased.

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

Only for the guy that owns the land and is charging rent.

Post: HELOC Calculation Misunderstanding

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

Yes, the bankers math is right and yours is wrong. Really think about your math; how is that 80% ltv.

The value is $370, so the total borrowed against it can be maxed out at $370 x .8 or $296. You already owe$276 so they can loan you an extra $20k $296-$276.

They loan up to 80% total value not 80 % of unused value.

Post: How is the Principal Payment determined on a loan

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

The first step is to calculate the payment amount for the loan to pay off over it’s amortization term. Use a pmt calculator; the math is pretty complex.

Next you calculate the interest: balance times rate divided by 360 times 30.

Finally you calculate the principle by subtracting the interest calculated by the total payment.

Post: How to buy more rental properties with debt to income limited out

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466
Originally posted by @John Patterson:

@Marco G. That's what my banker is telling me. I just spoke to my banker again today, and had a great revelation. I was thinking in my mind that I would be tapped out because my DTI is at the top. He's saying that if I buy a rental that can cover all my mortgage, tax, insurance payments (cash flow positive which I only buy rentals that do) I should not be adding to my DTI if I buy right.

Yes this is how it should work, which is why I was asking what your primary residence to your monthly income is because your rentals should not increase your dti if they cash flow. I like to keep the primary 20-28% dti at the most and you should never have any issues. 

Post: How to buy more rental properties with debt to income limited out

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

@John Patterson

How are you at 43% dti if you on,y have debt on your primary and rentals? Your rentals should be cash flowing which means you have too much house?

Post: Selling Multifamily properties? Is it a bust?

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

@Nikki Closser

I wish small multi families were lowering their prices here in my market. They are selling like hot cakes and way over priced.

Post: Eviction dismissed with prejudice

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466
Originally posted by @Latonya Hinton:

@Craig Jeppesen thank you ! I plan to do so

Good luck. I hope it worked out for you today. 

Post: another "poor millennial can't afford a house" article, critiqued

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

It is tough to save money to buy a house. It doesn’t matter what generation you are but the amount of consumer debt someone has compared to their income can definitely affect it. Education is the biggest problem. Kids don’t understand how how interest accrues on student loans and they just assume they will make 6 figures tight out of college. A lot end up in an income repayment plan and their payments don’t even cover the accrued interest of the loan and their balance grows instead of being paid down. A lot of in investors are at fault to because we bought up all the low cost sfh that many 1st time buyers could afford but they are now rental properties instead of owner occupied.

Post: How to verify a lender is legit

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

If you are asked to give them money directly it is fraud. Run everything through a legitimate title company and you should be fine. Always follow the smell test. If something doesn’t smell right, it isn’t.

Post: Eviction dismissed with prejudice

Craig JeppesenPosted
  • Rental Property Investor
  • Chubbuck, ID
  • Posts 532
  • Votes 466

An eviction is to get you to leave the property not to get you to pay. You already have a contract (lease) where you agreed to pay. The judge just gave you some extra time in the place not waive any money you owe. Even if you leave you can be sued for the unpaid rent, or the unpaid rent could be sent to a collection agency and your wages could be garnished. Be an honest person with integrity and uphold your end of the contract which is paying your rent ( all of it).