All Forum Posts by: Larry Perez

This year will be my 5th and final year of paying $123.23/mo of mortgage Insurence on my FHA mortgage. Since the mortgage Insurence will expire at the end of the year, will my mortgage payment decrease by $123.23 or will the $123.23/mo be added to principal pay down?

Hello all,

I purchased a house 4 years ago for 145K with a 30yr @4.25% FHA loan (5% down). After living in the house for 1yr I decided to rent it out (does not cash flow well).

 I now owe 100K on the loan and was hoping to refinance and put 25k down to increase cash flow. My lender says it is not a good idea because interest rates on an investment refinance are too high.

Should I listen to my lender?

Hi all,

I currently have 2 investment properties, a house and condo.

House: I purchase the house for 145K 4years ago with little down on a 30yr @ 4.25% Note FHA. After moving away for a job transfer I started renting the unit out on the second year. Every month I contribute an extra amount to pay down the principal and currently owe 99K (house does not cash flow well/$40/mo). Note: Condo was purchased last year for 135K and I owe 95K on the unit, I will continue to rent the unit out as I have been.

Plan: I have saved 30K for another investment property. My plan is to refinance the house and put down 30k on a 15yr note (for lower interest rate) and will be able to cash flow around $450. I will then want to use a HELOC on the house to pull out money for a down payment for my next investment property and use the increased cash flow to assist in paying off the HELOC.

Question: Does this sound like a good plan to utilize my 30K?

Thank you,

Larry