All Forum Posts by: Jared Weaver
Jared Weaver has started 2 posts and replied 2 times.
Hi Everyone, just a quick green noob question here. Trying to make the best $ decision. Here is my scenario. Have a good credit score. We rent out our 1st home which we still have a mortgage on with only 56k left to pay off through citizens bank at 5% (old rate when purchased). Appraisal on that property is approximately only 110k I am assuming. Our primary home which we live in now we owe 177k on through pnc bank at 3.5% since purchase a few years ago and it will appraise for around 330k. In talks with PNC right now for a HELOC at 100k and 3% (variable with $100 lock in fee during moves in market). Probably can't get much of a better CASH OUT REFI rate than 3.5% on the primary property we are currently in.
I guess my question to the community is, what would be the wisest most prudent move to make to use equity from the home that we are currently in to pay off the 56k on the rental property 1st home? Any advice, direction or recommendations for good banks/rates to work with in order to save money in the long run on the loan we will be taking on anyways to pay off the 1st home rental?
Thank you ahead of time for any time, effort and advice provided.
Jared
Post: Buy Low and Go Section 8 route
- Pottstown, PA
- Posts 2
- Votes 1
So...Here is the process that my dad and I are currently following. We have been in the process of buying very low priced "fixer upper" type singles, duplexes and triplexes in an area near our homes that is "lower income". The Housing Authority/Section 8 office is 30 minutes away and we go through that process often in regards to these properties. For example, we just purchased a duplex for 17,000 and are expecting somewhere in the ball park of 13,000 dollars of work to need to be done to it. One unit is 3 bedrooms and the other unit is 2 bedrooms. The Section 8 voucher in our area is about roughly 1,300-1,400 for that type of apartment. So...doing it this way the cap rate is quite high, etc.
Does anyone else out there use Section 8 and invest in this manner, buying lower priced properties (cash), fixing them up and then renting out to Section 8 tenants???
Thanks for any input or advice.
JARED