All Forum Posts by: Kenneth Ye

got it. The rent on the property is currently covering the PITI. The property is renovated with all the large CAPEX items being less than 5 years old. However, I would like to see if I can get some positive cash flow.

What should the market rates be before I consider refinancing out this loan? 

Hi Guys,

I have a SFH in AZ that currently has a 8.25% DSCR 5 year prepayment penalty of 15k. I have a 800+ credit score and a one year lease in place that is 1.00 of the PITI. Current loan balance is 302k. Current value based off Zillow is 435k.

Please let me know if you guys think I should refinance with this quote from a lender or wait until the prepayment penalty is gone. I have 4 years left before the 15k prepayment penalty is gone on the current mortgage. 

LTV- 75%

DSCR 6.75% this rate will bring my mortgage from 2285 to 2116

Pre-Payment Penalty 5-4-3-2-1%

Loan origination 1.5%

Buydown option 1.5% to make it 6.375% this rate will bring my mortgage from 2285 to 2035

Appraisal 725$

Underwriting- 1295$

Thank you guys! 

Hi All! 
I am an out of state investor closing in on a townhome next week.

I am looking for a reliable handyman that can coordinate with my realtor to get the property ready for rent.

TIA!

Thank you for all this info! 

This is actually an LLC investment group and they are trying to unload the property quick.

I was just curious to see if there are any big ticket items i should be considering when buying a property as is, since my agent confirmed HOA does cover the roof and the water heater and AC unit is relatively new still.

Hi All,

I have been working with an out of state realtor for the past month for my first investment property in Phoenix. 

A "deal" was brought to her by an investment company that wanted to unload a townhouse "as is". Needs cosmetic updates and new rug according to the pictures. It is 30-40k below market comps. HOA covers everything outside except AC units. Water heater was replaced 2 years and and AC unit was replaced 5 years ago. It will COC 7.5%.

What are some other factors I am missing? 

Hey,

I have a colleague that has been investing in the following zip codes:

85017

85015

I am looking into getting my first rental property and would appreciate your take on the area.

TIA