All Forum Posts by: Chris O'Connor

@Saran Mandhadapu Quicken loans gave me the 4.5% interest rate owner non-occupied and no points.

@Thomas Handy Thanks for the input much appreciated.

@Laci J. Thanks Laci. Is an LLC more beneficial for tax purposes? Do you have a preferred lender/company you work with? I'm still shopping around for the best rate/loan. Also is there a title company you guys recommend?

According to the tax website the best taxes should be around $6800.00 at the appraised price of $240k.

Really appreciate your help with all this and yes this is my first multiunit.  Any further input is greatly appreciated.

-Chris 

@Preston Knobloch Thanks for your input Preston much appreciated.

@Zach Quick I agree I think it would probably be around $600.  This is probably a newbie question but do taxes change based on the purchase price?  I didn't know this and if correct would definitely change things.  Thanks for your input Zach!

Oh and Insurance is estimated at $1500.00

Good Morning BP Community!  

Thanks for stopping by.  My sister and I have saved enough money to go in on a deal together. We're looking at a two story 4 unit apartment home in El Paso, Texas.  The building was built in 2015, is new and is fully rented.  Below are pertinent details:

Price:  $300k

Down payment:  $75,000

Taxes:  $6,800.00

Rent:   $800.00 (800 x 4= $3200 monthly)

Water fee:  $50.00 (50 x 4 = 200 monthly)

Mort:  $1300 @ 30 years, 4.5%

Water Expense:  $2400.00

Additional expenses I used were:

Vacancy:  $2000.00

Electricity for outside lights:  $50.00

Maintenance $1000.00 (since its so new)

What do you guys thing? my my calculations it should have a flow of around $11,000 per year.  Any help, comments, advice, opinions are greatly appreciated.  In addition to advice if you can recommend a lender it would be highly appreciated I'm currently working with Quicken Loans. 

Thanks all for your help!!

Thanks everyone for the detailed information. 

@David Faulkner @Tim Lindstrom

Thanks for enlightening me on this guys.  Just realizing how much of a newbie I am. Refinancing seems to be the right move to provide additional cash flow.  Really wish I knew this stuff before buying, but you learn as you go I guess.  

I will probably look into refinancing both homes and inquire how that will affect the next home I plan on purchasing.  

I really value everyone's input.  Thanks for taking the time to get back to me.  

Thanks @Jerry Padillaundefined!

I have no other debts other than these mortgages, I pay off my credit cards monthly, may be best to just keep them.  My only concern is qualifying for another home in the next year or so.

That's what I was thinking of doing, I'd love to hear what you guys have to say about this.

Greeting Netizens of BiggerPockets!

I currently own three houses and I think I have enough money to pay one of them off.  I was wondering which of the three I should consider paying off of if I shouldn't.

1.  Remaining Loan:  $117,500 15 year mortgage at 3.25% rent is $1350, mortgage is $1,465

2.  Remaining Loan:  $125,000 20 year mortgage at 3.75% rent is $1450, mortgage is $1,300

3.  Remaining Loan:  $180,000 30 year mortgage at 3.67% Currently live in this one.  

The reason I'm debating paying one off is because I don't think I'll be able to purchase another one having so much debt.  Is there any calculation you guys use when determining which home would be the most beneficial to pay off? 

Thanks for reading and I look forward to your answers!

-lndr