All Forum Posts by: Marcell Salmond

@Jason Little yea I was thinking that also. I punched in some numbers on a house I was looking at and it seemed to be about a$300 difference between the two interest rates

@Brent Coombs good evening. so I talked to them today and the interest rate was at 5.6% with the no money down. if I put down 20% it would come in at 4.8%. of course it's not locked in until I'm under contract.

@Jason Little thank you for responding. my plan is to hold it long term stay in it for a couple months because the lender I'm going thru doesn't have a length of stay requirement. so are you saying put down the 20% and pull it back out? I'm still kinda new so forgive me if I don't fully understand the answers but I do catch on quick

I apologize I meant 0% money down vs 20%money down

good afternoon everyone. was wondering if I could qualify to get 0% financing on getting a duplex to house hack and only kick out closing costs (interest rate would be 5%) would that be better or should I go with 20% down to have some equity and a slightly lower mortgage? I have roughly 35k in cash reserves at the moment. if you could be so kind to explain why on your answer I'd appreciate it. Thank you and have a great day.

@David Stafford would it be OK to message you with a couple questions

@Thomas S. thank you for your advice it wss very helpful

Andrew Johnson oh ok I see and that makes sense. Yes my numbers include taxes and insurance. I absolutely love the place. That's how I kinda looked at it, having the bulk of my mortgage payed for while house hacking. My realtor and the previous owner said I could easily get around 1400$ for the top unit so I figured if I left the bottom unit I could get more than $900. I want to get ready to purchase another property to rent out but want to know exactly what to calculate this time around to make sure I'm making a good move. Initially I only thought about setting money to the side for future repairs if needed but never took into consideration vacancies or having a certain percentage roi. I figured because I worked 2 jobs and had disposable income that I would have the money for those things regardless but I'm learning that I shouldn't think that way.

Barry H. Thank you for responding I really appreciate it. When you say throw another 10k into you're referring to updating it correct? If so it was updated before purchase. I think they didn't raise rents because they were good tenants but I plan on raising it. I kinda wanted to know the formula. In other words those numbers you just came up with how did you get that percentage

Good morning everyone. Last year this time I settled on my 1 st property. House hacking a duplex. I bought it at 257k. They wanted 272k but it appraised at 257kand they didn't wanna come down at all. I wasn't really concerned about it because I really wanted the property. My question to you all is how do I calculate if I made a good investment? What's that formula? Here's my current numbers: Mortgage = $1689.72 Unit I'm currently renting is $1100(I was told I could get at least 1300 but I haven't made any increases yet)+ $50 for water. I'm staying in the bottom unit which was last rented for $900. Now at current rent and if I rented out the bottom unit it would cover my mortgage plus put money in my pocket but where I get confused is how much to take out for repairs and whatever else. 1100+900=2000$ giving me $389 afterwards. Any advice or knowledge would be greatly appreciated and I apologize for the short novel lol.