All Forum Posts by: Neil Da Silva

bump!

 Thanks for the info!

With respect to porting the premium or the loan I should say, is there a specific process to do so?

does anyone have a definitive strategy to avoid the double taxation? I'm about to close a deal and I really need some info asap lol!

Daniel, as you know the banks here scrutinize more then in the U.S. I'm also self-employed and claim only a small amount as personal income to avoid paying income tax. This comes with the cost of difficulty qualifying for lending. Its not impossible it just means your mortgage broker has  to be more creative and do a little more work to show you make enough income to cover. I know my guys always use my bank statements as the underwriter sees the money coming in and how it's going out! Maybe talk to both CPA and MTG broker.

Sorry guys I was mixing up different property figures! Here are the ACTUAL numbers:

the subject property is 1900 sq ft with 4 bedrooms the homes down the street which have recently sold are aprox 1750 sqft with 3 bedrooms have sold for 215,000 this home should give me at least 220-225k - I've even saw 4 bedrooms sold for 230k with 1850 sq ft.

I have stayed in this house countless times and know that it is in pristine condition, new hvac furnace and a/c.

with that said If I can buy this property at $180k when the ARV is lets even say $220k, doesn't this constitute a good deal? even factoring in $15000 for purchase closing costs and selling closing costs including agent commissions.

What am I not see about this? 

Bump!

any input is great!

So after extensive research and doing the calculations, I have come to the conclusion that I was looking at this deal the wrong way. This suitable for a FLIP.

So I'm having trouble calculating the holding costs for flipping. For rental I would account for vacancy, repairs, cap ex, PM, and most confusing TAXES. Do I include monthly taxes in my holding costs? What if I purchase during a period where the seller has already paid the taxes for that year?

Okay, so I've done my calculations an I will be approximately $80 - $140 cash flow positive per month depending on what rent I secure. (That's a difference of $50, $1550 or $1600 rent)

One thing is that I know I can get the property for under fmv $180k purchase fmv is $200k. This makes the low cash flow not much of an issue because when I close I can refinance or even sell the property.

What do you guys think? is this logical thinking? what would a lender say to this deal? am I inclined to get this?

@Jay Dewberry 

I'm currently completing the tool info.

With respect to appreciation how can I estimate Annual Income Growth, Annual PV Growth, Annual expenses growth and Sales Expenses?