All Forum Posts by: Mike S.
Mike S. has started 12 posts and replied 41 times.
Post: Current Market Trends in Waco, TX
- Rental Property Investor
- Lindenhurst, NY
- Posts 41
- Votes 25
Set you a message :)
Post: Is a refinance right for me right now?
- Rental Property Investor
- Lindenhurst, NY
- Posts 41
- Votes 25
Quote from @Elias Halvorson:
Dude, help us help you. Need more info. Nobody can tell you anything with such little info. What type of loan are you currently in? What is the property type? Condo? Single family? Duplex? Or? What is the mortgage amount? How much is your property worth? What is your credit score? Need all of those questions answered before anyone can give you decent advice.
I appreciate the help I wasn't sure what info to post haha
It's a Single family home. Conventional loan with a balance of about 176k. Current estimate value is about 340k. And my credit score is excellent, in the 800's.
Post: Is a refinance right for me right now?
- Rental Property Investor
- Lindenhurst, NY
- Posts 41
- Votes 25
Right now my current big name lender has been calling me for a week to refinance. I haven't taken his call because in previous conversation's we ran the number and there was almost no savings; but it increased my loan by over 10k in refinancing costs. I currently have a 6.99% interest rate and would love to get it lower if possible but that def. wont happen with this company...
I was thinking if maybe a DSCR loan would be the way to go or would a conventional refi be better?
Post: Help - Looking at first real estate deal
- Rental Property Investor
- Lindenhurst, NY
- Posts 41
- Votes 25
Quote from @Ned Carey:
@Mike S. Your numbers look OK to me. But I don't see anything for management expense.
I will be self-managing. But I also ran numbers with 10% management and it still cash flowed about $165.
Post: Help - Looking at first real estate deal
- Rental Property Investor
- Lindenhurst, NY
- Posts 41
- Votes 25
Quote from @Jaycee Greene:
Quote from @Mike S.:
Quote from @Jaycee Greene:
Quote from @Mike S.:
Looking at a duplex in upstate NY. Seller asking $175k and rents are $2,290 total. Ran some numbers and not sure how accurate they might be but any help would be appreciated. So far it looks like a positive cashflow deal.
Taxes $1700/ year
I was figuring about $1500 for insurance.
5% for vacancy, 5% for repairs 10% Cap Ex
Hey @Mike S.! Per your numbers, the deal looks great! Almost TOO great...do you think the property needs any rehab? The taxes and insurance seem low (I usually peg them at 18%-20% of rent after vacancy). Also, unless the units are Section 8, I suspect the rents are a bit low.
The garage will need to be fixed up. But so far it is looking like only minor things that need to be fixed. Currently tenant occupied and they plan on staying. So no upgrades in the immediate future.
@Mike S. This looks so good, I'd ask the seller if they have another property they want to sell as well ;-) How are you going to finance the purchase?
Assuming they accept my offer, I'll be in the market for someone to do a DSCR Loan ;)
Post: Help - Looking at first real estate deal
- Rental Property Investor
- Lindenhurst, NY
- Posts 41
- Votes 25
Quote from @Nick DiFinzio:
Hey Mike, that does look like a great deal! How much do you plan on putting down??
Planning to do 20% down
Post: Help - Looking at first real estate deal
- Rental Property Investor
- Lindenhurst, NY
- Posts 41
- Votes 25
Quote from @Jaycee Greene:
Quote from @Mike S.:
Looking at a duplex in upstate NY. Seller asking $175k and rents are $2,290 total. Ran some numbers and not sure how accurate they might be but any help would be appreciated. So far it looks like a positive cashflow deal.
Taxes $1700/ year
I was figuring about $1500 for insurance.
5% for vacancy, 5% for repairs 10% Cap Ex
Hey @Mike S.! Per your numbers, the deal looks great! Almost TOO great...do you think the property needs any rehab? The taxes and insurance seem low (I usually peg them at 18%-20% of rent after vacancy). Also, unless the units are Section 8, I suspect the rents are a bit low.
The garage will need to be fixed up. But so far it is looking like only minor things that need to be fixed. Currently tenant occupied and they plan on staying. So no upgrades in the immediate future.
Post: Help - Looking at first real estate deal
- Rental Property Investor
- Lindenhurst, NY
- Posts 41
- Votes 25
Looking at a duplex in upstate NY. Seller asking $175k and rents are $2,290 total. Ran some numbers and not sure how accurate they might be but any help would be appreciated. So far it looks like a positive cashflow deal.
Taxes $1700/ year
I was figuring about $1500 for insurance.
5% for vacancy, 5% for repairs 10% Cap Ex
Post: Down payment on DSCR
- Rental Property Investor
- Lindenhurst, NY
- Posts 41
- Votes 25
Good to know! If there are any in the Indianapolis market, I'd love to connect!
Post: Down payment on DSCR
- Rental Property Investor
- Lindenhurst, NY
- Posts 41
- Votes 25