All Forum Posts by: Jesse Carter
Jesse Carter has started 3 posts and replied 7 times.
Thank you all for the questions, answers, and help!
Quote from @Jonathan R McLaughlin:
when does it reset and whats the amortization?
30 year loan. I dont know about the armotization.
Fico 800
The closing costs themselves are as follows:
They have it based off a 350k loan.
Underwriting Fees $1050
Broker Fees $7,000
Origination credit: $5,600
Adjusted Origination Charges: $2,450 (Appraisal fee, credit report)
Lender title Insurance $1100
Just got a DSCR rate quote from one of my lenders and it came out at 8.5% with no pre-payment penalty.
Seems a little high from what I thought it would be.
Anybody get one recently and can tell me if this is a competitive rate?
I am looking at a few houses for potential flips and wondering about no doc financing options for this type of investment?
Down Payment up to 20-25% if it makes options available.
Post: Primary Residence Condo Profit
- Posts 7
- Votes 5
I currently own and live in a paid off condo in Knoxville TN
Bought in 2015 for 87k and it is now worth 300k.
Planning on selling it within the next few months since I would not owe any tax on the profit from the sale.
I have experience with rentals and short term rentals (sold the STR) and looking to use this money towards more investments.
Any other options I am not thinking about as far as the codo sale goes? My thought process is taking the 210k profit outweighs anything else I can do with the property. Ex. Renting it would mean no longer being able to not owe taxes on selling it in the future.
Post: Gatlinburg maybe? Where to invest 50-70k investment for 80k + return
- Posts 7
- Votes 5
Quote from @Yiwei Cheng:
Quote from @JD Martin:
You are essentially asking if anyone can direct you to any markets in which you can expect to make over 100% annual return. If anyone knows any markets like that I doubt they're going to share them here (I know I wouldn't as that would be a gold mine).
Even if a great cabin in Gatlinburg/Pigeon Forge did 80k that's not going to be your profit. Let's assume you could buy something for $500k that brought in $80k gross per year. You're going to put $70k down and get a note for $430k. That's going to be about $3k per month just for principal and interest. For easy numbers put another $1k in there for taxes and insurance. So just your PITI is $4k per month. That puts you at $50k in expenses annual before you add in any other costs of doing business. Unless you think a cabin like that is going to bring in $150k gross which is where you get your $80k from.
Real estate is a long game. If you make an annual return of 10-20% that is a very good return. Most people are having trouble making anywhere near that right now because 7-8% interest rates are eating their margins.
I agree! I will add that the Midwest is a great place to purchase a property and still get good cash flow compared to purchase prices in vacation areas.
I keep seeing people reccomending markets that are not local. I used to have a STR in Townsend but sold it a year ago. I was there fairly often fixing small things / helping guests.
How would you all recommend keeping an eye on properties that are too far away to go to regularly? I would assume finding a great property management team, but they seem extremely hard to find.