All Forum Posts by: Kass Farran

Jolly Pumpkin? Hope to make it 

@Diana Nolan

Looks good, personally I would budget a little more for property taxes and property management company down the road.

@Nolan Linebaugh

You can look at https://www.hemlane.com/resour... and pick the state of interest. It will give you a rough idea on which way the state leans.

Comerica bank will do heloc up to 89.9% LTV. Variable rate in the 7% range is my experience.

@Yun Han-

Not sure how aggressive you were with paying down the mortgage while you were in it but with 3 years in you should have put a decent amount into it. Ask your lender if they offer something called a RECAST, they will take your current rate and time left on your loan and re-amortize it giving you a new payment. Just did this on my primary and saved $50 a month two years in. It's not a refinance and they can usually get it done within a month IF they offer it. Might not get you in the green but could reduce your mortgage payment, couple that with a rent increase and the tax and appreciation benefits and you should come closer to your goal. You could also shop around for diff insurance which will be probably be a small difference but all these small changes will compound.

@Michael Janzer-

What do you know about the area? Any major developments, is the population increasing or decreasing, are businesses doing well? How is the demand for renting?

What about the property? Any major work need to be done, have the big ticket items been serviced, HVAC, water heater, age of roof? Just a few things i can think of off the top of my head.

It sounds like with the right management you can cashflow decently.

@Michael Coco-

I'm closing on a 5.75% multiunit investment under 100k with 25% down in a week. You can find better deals but you're getting killed on pricing with less than 25% down. If you need a lender I can refer you to the guys that got me my rate.

@Luis Somoza I'm sure you know it'll vary by broker what origination will comprise of since they bake their comp in there. Still worth shopping around. First lender offered me a 6.99% then i was offered a 5.875% same cost and then a 5.5% for less. Always worth shopping around. Money is money.

 @Steven Barr-

I'd consider shopping around. If you need a lender I can connect you with the team that got me a 5.5% on this multiunit investment.

Hey @Steven Barr-

I'm current in the process of an almost identical transaction. 75k loan amount on a multiunit investment and my costs are right around what you got. For context I got a 5.5%. loan amount, non primary homes, rates, your credit all affect what your costs will be. On a loan of that size you don't get much wiggle room but if you care to share more details I'm sure we can figure out if what you were offered was reasonable.