All Forum Posts by: Suduk N.

What kind of return? Could you give an eg with numbers (purchase price, condo size, monthly payment, STR per night, per month... etc) Thanks

I’ll get back about $2500 from current escrow account. Without escrow the rate and points go up a bit so i think escrowing is better. Thanks for all the inputs guys. I’ll pull the trigger on this since I have not been able to find any good deals for investment Property refi for a year. 

Thanks guys, I’m Thinking to pull the trigger on 2.875% refi from 4.5% with 2.47 points. Lender cost $10k other cost (prepaid tax, escrow..) $5k all rolled into the refi so no out of pocket. Will take 2.7 yrs for break even lender cost and 4 yrs for total cost. $320 more cashflow every month and tenants will be paying the fee for me over time. Would you guys do this deal?

My current MFH in Chicago rate is 4.5%. I couldn't find anyone who can beat that rate with no points no fees. There is an options for me to buy 2 points down to 3% with an all in closing cost of about $14k which all can be rolled into the loan. My payment would be $330 lower a month so it would take me about 3.5 years to break even and 2.5 years to pay off the extra $14k rolled into my loan with principle payment every month.

Is it worth it? I don't plan to sell the rental property anytime soon since it's a good cash flow. I'd save over $68k on interest over the life time of the new refi mortgage. I normally only refi with no points no fees but even in this super low interest rate, MFH investment property refi rate is still so high.

Shawn, I'll keep shopping around but so far they all say my current rate is "not bad" and cannot beat it.

Stephanie, I have high income with 830+ credit score but still can't find any good rate. My rate is already at 4.5%. My friend  refi at 5% late last year in Chicago. I'm looking for data point for recent sub 4% refi rate.

What area are you in Sattir? I was quoted 4.125% with 1.75 points (~10k). Just doesn't make sense for me to pay up front that much to buy not much lower interest rate that would take years to recoup that $10k upfront cost.

Not discussing loaner or lender details here since my last post asking for recommendation was removed so please refrain from doing that.

I just want to know if anyone has recently refi their MFH rental investment property could share their rate? I cannot find anyone who can beat my 4.5% rate atm even with the current low interest rate market.

Every landlord wants white collar but some areas would not attract them as much like mine.

I have 4 guys who are friends and recently graduated or still going to college applied for my apartment. 2 brothers and another person had cosigners but the 4th person. 1 of the cosigner has very high income, the other is decent enough to cover the 2 guys. The last person is unemployed and has no co signer.

Would you consider this application? Should I ask for the 4th person to have a cosigner too? Their incomes are barely nothing so the rent has to come from the 2 cosigners. My concern is if one of them decides to leave even though they are all jointly liable for the lease, things would get difficult.

Actually most states including IL in my case has ceased to hear eviction cases until end of July since March so Eviction is not an option atm. 

They have been a good tenants for years until this time. One of them is on Visa hence not able to get unemployment benefits. 

If i offer cash for key or 1 or 2 months for them to break the lease, what would happen to the arrears when they move out and decide not to pay?