All Forum Posts by: Michael Barbari

@Ashley Pimsner

Thanks Ashley. I never used the calculater. Looks like $432 monthly net cashlflow with 7% cap rate and 9% cash on cash ROI. Income/Expense ratio is 1.32%. What do you think? Worth it?

Price is 160k for a triplex fully leased with coin op laundry. Tenants pay electric and gas

Unit 1 - 2 bed 1 bath rent = $850

Unit 2 - 2 bed 1 bath rent = $725

Unit 3 - 1 bed 1 bath rent = $550

===================  $2125

Taxes are 7k

Your advice is greatly apprecaited. Thanks.

 Mike

@Dawn Anastasi 

That is correct.

@Jon Klaus 

We check title to make sure you are the homeowner since it is considered a home improvement loan to be hmda compliant.

Reminder. Most of the time I do not need any documents for this loan if you have W-2 income. If most or all income is investment, then documents may be required. Thanks.

Mike

These loans are free to get. There is only an annual fee of $50 after the first year. It's a no brainer for investors like us.

I use Chase quick pay and love it. Only draw back is waiting 3-4 days to get the money. I'm ok with it for the free and convenience aspect.

IN and Wisconsin I can do only if the county in which the home is located touches the IL border. Thanks and please call my office for questions.

Mike

708-671-2905

Reminder

I picked a 15yr fixed on my recent duplex purchase because I wanted the lower rate and I was still making decent monthly income after expenses.

@Brian Tome 

How many units? It all depends on what you are looking for. Paying it off asap or monthly cashflow? If you want more monthly cashflow pick the longer term.