All Forum Posts by: Josh Gold

Hello Wilburt,

I am pretty new to using these calculators, but it looks like the calculator is estimating this house will rent for $3500 per month in the year 2041.   

It estimates expenses will be $2070 per month

That gives a cash flow of $1430 per month.

Here's my so-so house purchase... Looks like I am pretty much breaking even for awhile.   This is my 2nd rental home I have purchased.   The first one has been decent the last five years, so I though why not do it again?  Should be okay if I can hang in there.

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Seller wants to leaseback one year or more on sale of house.  Because of Covid-19, there are no late fees and no evictions in my state currently, regardless of rent received or not.   So it it reasonable to ask that 1 year's rent + security deposit be put in escrow from sale of a house?   What might an escrow company charge in fees to handle this?

I could reduce this requirement if they have excellent credit score (i.e. 760 or higher), but I have reasons to believe that isn't going to be the case here.   Either way I will require at least 630 score as I normally do anyhow. 

I might phone the title company I am working with Monday morning... that will probably be easiest to find out the cost.

@CJ M.  Good question.  I don't know the answer to that, but won't a broker be able to know the lender marketplace better, and help me get a better rate?  I could be wrong here.   Do you think a broker will charge me more than a local bank, and I'll end up getting the same interest rate?  In the past I just asked me real estate agent where they recommend to go for a mortgage, and they gave me a few names.

@Ryan Fox  Thank you for the information!   I was asking a local investor I know, and he gave the name of a license mortgage broker he uses that is still able to do 75% cash out refi.   So we'll see how that goes for now.

1. Looking to find licensed mortgage brokerage that will allow 75% of my equity take out on a cash out refi for a rental property.  Does anyone now any licensed brokers that are doing those?   My regular mortgage broker currently can only find up to 60% cash out refi.

I have excellent credit, solid job, solid tenants.

2. Or alternatively, does anyone know any credit unions or banks that will do a HELOC for 75% of my equity?

Single family house for sale, and seller is requiring leaseback at negotiable rate for minimum of 12 months. Seller's agent will not disclose why owner is selling.

At first having a built-in tenant right away sounded great, now I wonder what is going on, and what I am not understanding here. 

What are the most likely possibilities here?  Pitfalls?   Is it common and reasonable to ask seller to put the 12 months rent in escrow at the time of the sale?